by Calculated Risk on 7/25/2012 09:15:00 PM

First, a nice review of the FOMC options next week: An early FOMC preview: the menu of options

And another edition of "unexpected" declines ...

From the Financial Times: UK economy smaller than when Cameron took office

The UK’s double-dip recession has deepened sharply and unexpectedly, leaving the economy smaller than it was when the coalition government took office two years ago.

From the WSJ: U.K. Stumbles, Fueling Austerity Debate

The U.K.'s economy suffered a much larger contraction than expected in the second quarter ... The economy shrank 0.7% between April and June ... double-dip recession that is the worst in 50 years

Austerity and a depressed economy leading to a severe recession ... hoocoodanode? (sorry for sarcasm).

Here is one guy who has been consistently wrong, from Bloomberg: Schaeuble Declares Markets Wrong as Europe Heads to Vacation

Oh my. "The markets are wrong and I'm going on vacation."

On Thursday:
• At 8:30 AM ET, the initial weekly unemployment claims report will be released. The consensus is for claims to decrease to 380 thousand from 386 thousand.

• Also at 8:30 AM, the Durable Goods Orders for June will be released. The consensus is for a 0.6% increase in durable goods orders.

• At 10:00 AM, the NAR will release the Pending Home Sales Index for June. The consensus is for a 0.9% increase in the index.

• And at 11:00 AM, the Kansas City Fed regional Manufacturing Survey for July will be released. The consensus is for an increase to 4 from 3 in June (above zero is expansion). These regional manufacturing surveys have been disappointing in July.

Earlier on New Home Sales:
• New Home Sales declined in June to 350,000 Annual Rate
• Some comments on New Home Sales and Distressing Gap
• Lawler on New Home Sales and Revisions
• New Home Sales graphs