This week is as enormous as they come for economic news. On Monday, several reports are scheduled that could offer insight on the health of the economy. Analysts expect new data to show that personal income rose 0.2 percent in September, and that consumer spending rose 0.4 percent. The estimates are already reflected in the 2 percent third-quarter GDP growth reported Friday. The manufacturing sector is expected to have continued expanding, though at a slower rate, in October. The Institute for Supply Management's index is expected to edge down to 54, from 54.4; numbers above 50 indicate expansion. At 2:15 p.m. EDT on wednesday, the Federal Reserve is to announce results of its two-day policymaking meeting. This is easily the most scrutinized, most hyped monetary policy decision of the year, and arguably in many years. The central bank is expected to announce a major new effort, namely plans to buy hundreds of billions of dollars of bonds to drive down longer-term interest rates. The things to watch: How much bond-buying will the Fed do (smart money is in the ballpark of $500 billion); how inclined Fed leaders seem to be toward expanding the purchases further in the future (try to read between the lines of their policy statement); and how many policymakers will dissent. Also Wednesday, the Institute for Supply Management will release its index of service-sector activity. The non-manufacturing index is forecast to edge up to 53.5, from 53.2. On Thursday, the release of third quarter productivity data is expected to show a 1 percent gain. On Friday, the October jobs report should give a sense of whether the labor market is gaining any momentum. Forecasters expect a continued modest gain in private payrolls, with 80,000 new jobs, but for total payrolls to decline by 60,000 as state and local government jobs are slashed. The unemployment rate is expected to be unchanged at 9.6 percent. 