Wednesday brough Exisiting Home Sales figures. Total existing-home sales, which are completed transactions that include single-family homes, townhomes, condominiums and co-ops, fell 3.2 percent to a seasonally adjusted annual rate of 5.39 million in July from 5.57 million in June. For only the second time in the last 21 months 2, sales are now below (1.6 percent) a year ago (5.48 million).
On Thursday Unemployment Claims and Durable Goods Orders figures were released. The number of Americans who applied for unemployment benefits last week fell by 1,000 to 261,000 and remained near postrecession lows, indicating a healthy labor market in which few people are losing their jobs. Economists polled by MarketWatch had forecast initial jobless claims to total 264,000 in the week stretching from Aug. 14 to Aug. 20. The average of new jobless claims over the past month dropped by 1,250 to 264,000, the Labor Department said Thursday.
Orders for business equipment climbed in July for a second month, advancing the most since January and indicating U.S. companies are becoming less reluctant to invest. Bookings for non-military capital goods excluding aircraft rose 1.6 percent, exceeding the most optimistic forecast in a Bloomberg survey, after a 0.5 percent June gain, Commerce Department data showed Thursday. Demand for all durable goods -- items meant to last at least three years -- rebounded 4.4 percent, the most since October.
Friday brought GDP and Consumer Sentiment figures. Real gross domestic product increased at an annual rate of 1.1 percent in the second quarter of 2016, according to the "second" estimate released by the Bureau of Economic Analysis. In the first quarter, real GDP increased 0.8 percent.
Consumer sentiment eased in August as Americans’ views of their personal finances darkened, although that was offset by better views of the economic outlook. The University of Michigan’s final August reading slipped to 89.8 from 90.0 in July. The index is 2.3% lower than a year ago. Economists surveyed by MarketWatch had forecast a reading of 91.0. The current economic conditions sub-gauge fell 2 points to 107.0, but stands higher than the 105.1 reading a year ago. The index of consumer expectations rose to 78.7 from 77.8, but is lower than the 83.4 notched in August 2015.
This week markets will be looking at:
CB Consumer Confidence (Tuesday 16:00)
ADP Non-Farm Employment Change (Wednesday 14:15)
Pending Home Sales (Wednesday 16:00)
Unemployment Claims (Thursday 14:30)
ISM Manufacturing PMI (Thursday 16:00)
Non-Farm Employment Change/Unemployment Rate (Friday 14:30)
Trade Balance (Friday 14:30)
