The Week Ahead
NEW SINGLE-FAMILY HOME SALES
Thursday, May 24, 10 a.m. EDT -- New homes in April probably sold at an annual rate of 975,000, down sharply from the record rate of 1.02 million in March. That's according to the median forecast of economists surveyed by Standard & Poor's MMS, a unit of The McGraw-Hill Companies.
GROSS DOMESTIC PRODUCT (REVISION)
Friday, May 25, 8:30 a.m. EDT -- The Commerce Dept.'s second look at economic growth in the first quarter is expected to show that real GDP grew at a 1.7% annual rate, down from the advanced estimate of 2% reported in April. Inventories, which shrank for the first time since 1991, will likely be revised lower, as will consumer spending. Aftertax corporate profits likely fell 10.5% in the first quarter. Second-quarter real GDP is forecasted to grow at just a 1% annual rate.
DURABLE GOODS ORDERS
Friday, May 25, 8:30 a.m. EDT -- New orders for durable goods probably declined 2% in April after advancing 3% in March. The March increase was driven by orders for new ships and tanks. Excluding the transportation component, March durable goods orders were down 1.8%.
EXISTING HOME SALES
Friday, May 25, 10 a.m. EDT -- Existing homes likely sold at an annual rate of 5.25 million in April, based on the S&P MMS survey. In March, home sales jumped 4.8%, to a 5.44 million annual rate.