Business Week Index: THE WEEK AHEAD
BusinessWeek Index: THE WEEK AHEAD
EXISTING HOME SALES
Monday, June 26, 8:45 a.m. Sales of existing homes probably bounced back in
May, to an annual rate of 3.42 million. Resales had fallen in three of the
previous four months, including a 6.4% tumble in April, when sales totalled
only 3.39 million. But home buying has picked up, thanks to lower mortgage
rates. The Mortgage Bankers Assn. reports that mortgage applications to
purchase a home have been rising since February.
Tuesday, June 27, 10 a.m. The Conference Board's index of consumer confidence
likely slipped to 100 in June, according to the median forecast of economists
surveyed by MMS International, one of the McGraw-Hill Cos. The confidence
reading fell in May, to 101.6 from 104.6 in April. Consumers' assessment of the
current economy fell two points, to 114.3 in May, as job losses raised worries
about the economy. Another big fall in the present-situation index would
suggest that June payrolls did not bounce back much after a 101,000 drop in May.
NEW HOME SALES
Thursday, June 29, 10 a.m. Like existing home sales, purchases of new
single-family homes are forecast to rise, probably to an annual rate of 600,000
in May, says the MMS report. In April, sales fell 2.7%, to a 580,000 pace. So
far in 1995, new-home sales are down 12% from their pace of last year. As a
result, the inventory of unsold houses is quite high, suggesting little
new-home construction in the summer.
Friday, June 30, 8:30 a.m. Manufacturing inventories probably were little
changed in May. Stock levels had risen 0.6% in both March and April. But the
drop in factory output suggests that manufacturers are getting a better handle
on their stock levels. That's especially true in the auto industry. The MMS
survey forecasts that factory orders rose 0.3% in May. That would be the first
gain since January.