The Week Ahead
EXISTING HOME SALES
Monday, Aug. 27, 10 a.m. EDT -- Sales of existing homes probably slipped to an annual rate of 5.25 million in July, from 5.33 million in June. That's according to the median forecast of economists surveyed by Standard & Poor's MMS, a division of The McGraw-Hill Companies.
Tuesday, Aug. 28, 10 a.m. EDT -- The Conference Board's August index of consumer confidence likely slipped to 116, from 116.5 in July.
GROSS DOMESTIC PRODUCT (REVISION)
Wednesday, Aug. 29, 8:30 a.m. EDT -- The Commerce Dept.'s second look at second-quarter economic growth is expected to show real GDP grew at just a 0.1% annual rate, down from the advance estimate of 0.7%. A further drop in inventories and a decline in exports are expected to bring the economy to near-zero growth. Third-quarter real GDP is forecast to rebound to an annual rate of 1.5%. Aftertax corporate profits likely fell 9.3% in the second quarter.
Thursday, Aug. 30, 8:30 a.m. EDT -- Personal income likely grew by 0.3% in July, after increasing 0.3% in June. Consumer spending in July probably grew by a smaller 0.2%, after rising 0.4% in June. Consumers are beginning to spend less and save more in response to growing job jitters.
Friday, Aug. 31, 10 a.m. EDT -- Manufacturing inventories likely fell for a sixth straight month, by 0.2% in July, after a 0.7% drop in June.