Thursday, December 22, 2016

Friday: New Home Sales

by Bill McBride on 12/22/2016 07:17:00 PM

A couple of Q4 GDP tracking estimates ...

From Merrill Lynch updated today: "our 4Q GDP tracking estimate [is] 1.8% qoq saar"

And from the Atlanta Fed GDPNow:

The GDPNow model forecast for real GDP growth (seasonally adjusted annual rate) in the fourth quarter of 2016 is 2.5 percent on December 22, down from 2.6 percent on December 16. The forecasts of fourth-quarter real personal consumption expenditures and real intellectual property products investment growth increased modestly after this morning's GDP and personal income outlays reports from the U.S. Bureau of Economic Analysis (BEA). These were offset by modest declines in the forecasted contributions to growth from residential, nonresidential equipment and inventory investment after the aforementioned BEA releases, this morning's advance manufacturing report from the U.S. Census Bureau, and yesterday's existing-home sales release from the National Association of Realtors.
Friday:
• At 10:00 AM ET, New Home Sales for November from the Census Bureau. The consensus is for an increase in sales to 580 thousand Seasonally Adjusted Annual Rate (SAAR) in November from 563 thousand in October.

• Also at 10:00 AM, University of Michigan's Consumer sentiment index (final for December). The consensus is for a reading of 98.0, unchanged from the preliminary reading 98.0.