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The Week Ahead


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THE WEEK AHEAD

EXISTING HOME SALES

Monday, July 27, 10 a.m.EDT -- Existing homes probably sold at an annual rate of 4.8 million in June, says the median forecast of economists surveyed by Standard & Poor's MMS, a division of The McGraw-Hill Companies. Resales totaled 4.82 million in May.

CONSUMER CONFIDENCE

Tuesday, July 28, 10 a.m.EDT -- The Conference Board's index of consumer confidence likely slipped to 136 in July, down from a reading of 137.6 in June.

DURABLE GOODS ORDERS

Wednesday, July 29, 8:30 a.m.EDT -- New orders taken by durable-goods manufacturers probably fell 0.3% in June, after falling 2.6% in May. Weak exports are offsetting gains in domestic demand.

EMPLOYMENT COST INDEX

Thursday, July 30, 8:30 a.m.EDT -- The S&P MMS forecast calls for a 0.8% advance in employment costs in the second quarter, a bit faster than the 0.7% increase in the first quarter. The projection implies that the total costs of wages and benefits grew 3.4% in the second quarter from a year ago.

GROSS DOMESTIC PRODUCT

Friday, July 31, 8:30 a.m.EDT -- The economy grew at an annual rate of just 1% in the second quarter, says the median forecast of S&P MMS economists. But the lowest forecast expects that real GDP shrank at a 2% annual rate, with the economy no doubt brought down by a wider foreign-trade deficit and slower inventory growth. Consumer spending probably surged at about a 5% pace last quarter. Real GDP grew at a torrid 5.4% clip in the first quarter. However, this release will contain benchmark revisions to historical GDP data, so the 5.4% surge may be revised lower.

NEW HOME SALES

Friday, July 31, 10 a.m.EDT -- New single-family homes probably sold at an annual rate of 880,000 in June, down from a record sales pace of 890,000 in May.


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