(Updates forecasts for various datapoints in text and table.)
By Kathleen Madigan
The focus for economy-watchers this week will be news on how housing demand ended the second quarter.
Two reports on June home sales are on tap. The National Association of Realtors will release data on existing home sales Tuesday, while the Commerce Department will report on new home sales Thursday.
Economists surveyed by The Wall Street Journal expect resales increased 2.2% in June, to an annual rate of 5 million. The median forecast calls for new home sales to drop 5.8%, to 475,000, but that follows a May jump of nearly 19%.
The expected numbers would mean housing demand in the second quarter was much better than that of the wintry first quarter.
Business equipment spending will be in focus Friday. That is when Commerce will release its durable goods data. Economists think top-line orders for durable goods increased 0.5% in June.
Within the report is a subcategory on nondefense capital goods orders excluding aircraft. A rise in shipments for June would help out growth in business investment in the second quarter, a healthy gain in new orders for these goods would mean businesses will be investing more in the near future.
DATE TIME RELEASE PERIOD CONSENSUS PREVIOUS
Tuesday 0830 Consumer Price Index Jun +0.3% (32) +0.4%
-excl food & energy Jun +0.2% (32) +0.3%
1000 Existing Home Sales Jun 5.0mln (31) 4.89mln-percent change +2.2% +4.9%
1000 Richmond Fed Mfg Svy Jul 8 (4) 3
Thursday 0830 Jobless Claims Jul 19 305K (20) 302K
0945 Markit 'Flash' PMI Jul N/A 57.3*
1000 New Home Sales Jun 475K (32) 504K
-percent change -5.8% +18.6%
1100 Kansas City Fed Mfg Svy Jul 6 (3) 6
Friday 0830 Durable Goods Orders Jun +0.5% (32) -0.9%
*Final June reading
(Figures in parentheses refer to number of economists surveyed.)
Write to Kathleen Madigan at email@example.com
(END) Dow Jones Newswires
July 21, 2014 10:49 ET (14:49 GMT)
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