The Week Ahead
EXISTING HOME SALES Monday, Aug. 25, 10 a.m.EDT Copyright Existing homes probably sold at an annual rate of 4.16 million in July, slightly higher than the 4.14 million rate in June. That's the median forecast of economists surveyed by MMS International, one of The McGraw-Hill Companies. Housing remains a strong sector: Home prices are rising, mortgage rates are affordable, and mortgage applications to purchase a home are on the rise. DURABLE GOODS ORDERS Tuesday, Aug. 26, 8:30 a.m.EDT Copyright The MMS survey expects that new orders taken by durable-goods manufacturers likely increased 0.5% in July, on top of a 2.3% jump in June. A gain in machinery demand offset weakness in the motor-vehicle industry. CONSUMER CONFIDENCE Tuesday, Aug. 26, 10 a.m.EDT Copyright The Conference Board's index of consumer confidence probably stood at 126.5 in August, unchanged from July's reading. Confidence has soared this year, lifted by the strong job market and rising stock prices. GROSS DOMESTIC PRODUCT Thursday, Aug. 28, 8:30 a.m.EDT Copyright The MMS survey forecasts that revisions to the data will show the economy grew at an annual rate of 2.5% in the second quarter, a bit better than the 2.2% initially reported. However, a narrowing in the June trade gap suggests that the revision could be larger. PERSONAL INCOME Friday, Aug. 29, 8:30 a.m.EDT Copyright Personal income likely increased just 0.2% in July, after a steep 0.6% gain in June. That's suggested by smaller weekly paychecks in July. Consumer spending, however, probably rose a solid 0.6% in July, twice the gain in June. Retail sales were up strongly in July, and demand for energy was also higher. NEW HOME SALES Friday, Aug. 29, 10 a.m.EDT Copyright New single-family homes likely sold at an annual rate of 805,000 in July, up from 800,000 in June.
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