Business Week 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. CONSUMER CONFIDENCE 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. FACTORY INVENTORIES 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.
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