The Week Ahead
EXISTING-HOME SALES Monday, Nov. 25, 10 a.m.EST -- Sales of existing homes likely dropped to an annual rate of 3.9 million in October. That would mean that existing-home sales have fallen for five months in a row. Resales declined 2.9% in September, to a 4.02 million pace. CONSUMER CONFIDENCE Tuesday, Nov. 26, 10 a.m.EST -- The Conference Board's index of consumer confidence probably increased to 107.4 in November, according to the median forecast of economists surveyed by MMS International, one of The McGraw-Hill Companies. The confidence index fell in October, to 106.2 from 111.8 in September. But the level is still quite high, thanks in part to solid job growth. GROSS DOMESTIC PRODUCT Wednesday, Nov. 27, 8:30 a.m.EST -- The MMS economists expect that even after revising data for the GDP components, the Commerce Dept. will report no change in its initial calculation that the overall economy grew at an annual rate of 2.2% in the third quarter. However, final demand likely contributed more to growth last quarter than was first thought, and inventory accumulation will be revised down. The MMS median forecast also expects that aftertax corporate profits edged up 0.7% in the third quarter. If so, earnings would be about 7% above their year-ago level. That increase is down from the 8.7% yearly gain in the second quarter. DURABLE GOODS ORDERS Wednesday, Nov. 27, 10 a.m.EST -- New orders for durable goods likely fell 1% in October. September bookings jumped 4.9%, but much of that came from aircraft orders. PERSONAL INCOME Friday, Nov. 29, 8:30 a.m.EST -- Personal income probably increased a mere 0.1% in October after a strong 0.6% advance in September, says the median MMS forecast. Consumer spending likely rose 0.3% last month, on top of a 0.1% gain in September.
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