by Bill McBride on 4/23/2016 08:09:00 AM
Saturday, April 23, 2016
The key economic reports this week are the first estimate of Q1 GDP, March New Home sales, and the Case-Shiller House Price Index for February.
The FOMC is meeting on Tuesday and Wednesday, and no change in policy is expected at this meeting.
10:00 AM: New Home Sales for March from the Census Bureau.
This graph shows New Home Sales since 1963. The dashed line is the February sales rate.
The consensus is for a increase in sales to 522 thousand Seasonally Adjusted Annual Rate (SAAR) in March from 512 thousand in February.
10:30 AM: Dallas Fed Manufacturing Survey for April.
8:30 AM: Durable Goods Orders for March from the Census Bureau. The consensus is for a 1.6% increase in durable goods orders.
9:00 AM: S&P/Case-Shiller House Price Index for February. Although this is the February report, it is really a 3 month average of December, January and February prices.
This graph shows the nominal seasonally adjusted National Index, Composite 10 and Composite 20 indexes through the January 2016 report (the Composite 20 was started in January 2000).
The consensus is for a 5.5% year-over-year increase in the Comp 20 index for February. The Zillow forecast is for the National Index to increase 5.3% year-over-year in February.
10:00 AM: Richmond Fed Survey of Manufacturing Activity for April.
7:00 AM ET: The Mortgage Bankers Association (MBA) will release the results for the mortgage purchase applications index.
10:00 AM: Pending Home Sales Index for March. The consensus is for a 0.5% increase in the index.
2:00 PM: FOMC Meeting Announcement. The FOMC is expected to make no change to policy at this meeting.
8:30 AM: The initial weekly unemployment claims report will be released. The consensus is for 260 thousand initial claims, up from 247 thousand the previous week.
8:30 AM ET: Gross Domestic Product, 1st quarter 2016 (Advance estimate). The consensus is that real GDP increased 0.7% annualized in Q1.
11:00 AM: Kansas City Fed Survey of Manufacturing Activity for April. This is the last of the regional Fed manufacturing surveys for April.
8:30 AM ET: Personal Income and Outlays for March. The consensus is for a 0.3% increase in personal income, and for a 0.2% increase in personal spending. And for the Core PCE price index to increase 0.1%.
9:45 AM: Chicago Purchasing Managers Index for April. The consensus is for a reading of 53.4, down from 53.6 in March.
10:00 AM: University of Michigan's Consumer sentiment index (final for April). The consensus is for a reading of 90.4, up from the preliminary reading 89.7.
Posted by Bill McBride on 4/23/2016 08:09:00 AM