The Week Ahead
EXISTING HOME SALES Monday, Aug. 26, 10 a.m.EDT -- Sales of existing homes probably fell to an annual rate of 4.1 million in July, from 4.18 million in June, says the median forecast of economists surveyed by MMS International, one of The McGraw-Hill Companies. Housing probably has hit its peak this year, leveled off by rising mortgage rates. CONSUMER CONFIDENCE Tuesday, Aug. 27, 10 a.m.EDT -- The Conference Board's index of consumer confidence likely slipped to 104.7 in August, after jumping 7%, to 107.2, in July. Even so, a reading above 100 suggests high optimism about the economy's performance. REAL GROSS DOMESTIC PRODUCT Thursday, Aug. 29, 8:30 a.m.EDT -- The MMS survey expects that growth in second-quarter real GDP remained at the originally reported annual rate of 4.2%, although June's sharply narrower trade deficit could result in an upward revision. Corporate aftertax profits likely rose 3.8% in the second quarter, says the MMS median forecast, after increasing 6% in the first quarter. Real GDP grew 2% in the first NEW HOME SALES Thursday, Aug. 29, 10 a.m.EDT -- New single-family homes probably sold at an annual rate of 725,000 in July. That's suggested by the slowdown in single-family housing starts. Home buying fell 5.3% in June, to a 734,000 pace. PERSONAL INCOME Friday, Aug. 30, 8:30 a.m.EDT -- Personal income in July was probably flat, says the MMS report. That's suggested by a 1.3% drop in weekly nonfarm earnings. Consumer spending in July was probably up 0.2%. In June, incomes jumped 0.9%, while spending fell 0.2%, dragged down by weak sales of motor vehicles. FACTORY INVENTORIES Friday, Aug. 30, 10 a.m.EDT -- Inventories likely rose 0.2% in July, after no change in June and a 0.3% decline in May.
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