The Week Ahead
GROSS DOMESTIC PRODUCT (REVISION)
Thursday, May 25, 8:30 a.m. EDT -- The Commerce Dept.'s second look at economic growth in the first quarter will likely show that real gross domestic product grew at a 5.4% annual rate, unchanged from the advance estimate on Apr. 27. That's the median forecast of economists surveyed by Standard & Poor's MMS, a unit of The McGraw-Hill Cos. The survey also forecasts that aftertax corporate profits increased 5% in the first quarter, from the fourth. The S&P MMS economists also expect that real GDP is growing at a 4.3% pace in the second quarter.
EXISTING HOME SALES
Thursday, May 25, 10 a.m. EDT -- Existing homes probably sold at an annual rate of 4.83 million in April, unchanged from March's pace. Despite rising mortgages rates, housing activity remains fairly robust.
DURABLE GOODS ORDERS
Friday, May 26, 8:30 a.m. EDT -- New orders taken by durable goods manufacturers likely edged up 0.1% in April, following a 2.6% jump in March. Demand is being boosted both by domestic and foreign customers. Unfilled orders remain high.
Friday, May 26, 8:30 a.m. EDT -- The S&P MMS survey projects that personal income in April rose 0.6%, after a 0.5% advance in March. That's suggested by the solid job and wage growth. Consumer spending probably grew an additional 0.4% last month, after rising 0.5% in April.