The Week Ahead
PERSONAL INCOME Monday, June 30, 8:30 a.m.EDT -- Personal income likely rose 0.4% in May, while consumer spending was up 0.3%, according to the median forecast of economists surveyed by MMS International, one of The McGraw-Hill Companies. In April, income and spending each advanced just 0.1%. NEW HOME SALES Monday, June 30, 10 a.m.EDT -- Homes likely sold at an annual rate of 775,000 in May, after dropping 7.7% to 772,000 in April. FOMC MEETING Tuesday, July 1 -- The Federal Reserve's Federal Open Market Committee will meet to set monetary policy for the next six weeks. All the economists surveyed by MMS expect the Fed to leave short-term interest rates unchanged. The policy meeting continues on July 2. NAPM SURVEY Tuesday, July 1, 10 a.m.EDT -- The National Association of Purchasing Management's index likely stood at 57% in June. That's hardly changed from May's 57.1%. LEADING INDICATORS Tuesday, July 1, 10 a.m.EDT -- The Conference Board's index of leading indicators probably rose 0.2% in May, after a small 0.1% slip in April. CONSTRUCTION SPENDING Tuesday, July 1, 10 a.m.EDT -- The MMS consensus expects that building outlays rose 0.5% in May, after falling 1% in April. FACTORY INVENTORIES Wednesday, July 2, 10 a.m.EDT -- Factory inventories probably rose a modest 0.3% in May, half the 0.6% gain in April. EMPLOYMENT Friday, July 3, 8:30 a.m.EDT -- The MMS median forecast calls for a 228,000 increase in June nonfarm payrolls. That's far stronger than the 138,000 gain posted in May. The June unemployment rate likely edged up to 4.9%, from May's 4.8%.
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