The Week Ahead
EXISTING-HOME SALES Tuesday, May 27, 10:00 a.m.EDT -- Sales of existing single-family homes are expected to have declined to an annual rate of 4.05 million in April, down from 4.10 million in March, according to a survey of forecasts taken by MMS International, one of the McGraw-Hill Companies. Housing demand appears to be holding up fairly well, despite the rise in mortgage rates through April. Rates have since declined. CONSUMER CONFIDENCE Tuesday, May 27, 10:00 a.m.EDT -- The Conference Board's index of consumer confidence is expected to have risen to 117.3 in May from 116.8 in April, based on the MMS survey. The rise is expected partly because the University of Michigan's preliminary May index of consumer sentiment rose to a record high. DURABLE GOODS ORDERS Wednesday, May 28, 8:30 a.m.EDT -- The order books of durable goods manufacturers are expected to have shown a 1% increase in April, compared with March, says the MMS survey. That rise would follow a 3% drop in March. Despite that decline, orders remain on a rising trend, with particular strength in nondefense capital equipment excluding commercial aircraft. Orders and shipments might have been adversely affected by auto-industry strikes. GROSS DOMESTIC PRODUCT Friday, May 30, 8:30 a.m.EDT -- First-quarter real GDP is expected to be revised slightly higher, to 5.7%, up from 5.6% originally reported. The Commerce Dept. will also report first-quarter profits. Aftertax earnings are expected to have risen at an annual rate of 2.3% from the fourth quarter. NEW-HOME SALES Friday, May 30, 10:00 a.m.EDT -- Sales of new single-family homes are expected to have dipped to an annual rate of 800,000 in April, based on the MMS survey, from 814,000 in March. In early May, builders reported a slight drop-off in demand.
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