Wednesday, March 23, 2016

Thursday: Durable Goods, Unemployment Claims

by Bill McBride on 3/23/2016 06:58:00 PM

Here is an interesting paper from Jordan Rappaport at the Kansas City Fed: The Limited Supply of Homes

Over the longer term, the supply of homes for purchase should considerably improve as baby boomers increasingly downsize from single-family to multifamily homes. But recent experience suggests that downsizing typically begins when people are in their late seventies, a milestone the leading edge of the baby boomers will not reach for another five years (Rappaport 2015). Until then, the supply of single-family homes for purchase is likely to remain tight, putting continuing upward pressure on home prices.
Thursday:
• At 8:30 AM ET, the initial weekly unemployment claims report will be released. The consensus is for 268 thousand initial claims, up from 265 thousand the previous week.

• Also at 8:30 AM, Durable Goods Orders for February from the Census Bureau. The consensus is for a 3.0% decrease in durable goods orders.

• At 11:00 AM, the Kansas City Fed Survey of Manufacturing Activity for March.