Schedule for Week of August 23, 2020

The key reports this week are the second estimate of Q2 GDP and July New Home sales.

Other key reports include Personal Income and Outlays for July and Case-Shiller house prices for June.

For manufacturing, the August Richmond and Kansas City Fed surveys will be released.

In widely anticipated speech, Fed Chair Jerome Powell will discuss the Monetary Policy Framework Review at the Jackson Hole Symposium on Thursday.

—– Monday, August 24th —–

8:30 AM ET: Chicago Fed National Activity Index for July. This is a composite index of other data.

—– Tuesday, August 25th —–

Case-Shiller House Prices Indices9:00 AM: S&P/Case-Shiller House Price Index for June.

This graph shows the year-over-year change in the seasonally adjusted National Index, Composite 10 and Composite 20 indexes through the most recent report (the Composite 20 was started in January 2000).

The consensus is for a 3.6% year-over-year increase in the Comp 20 index for June.

9:00 AM: FHFA House Price Index for June 2019. This was originally a GSE only repeat sales, however there is also an expanded index.

New Home Sales10:00 AM: New Home Sales for July from the Census Bureau.

This graph shows New Home Sales since 1963. The dashed line is the sales rate for last month.

The consensus is for 786 thousand SAAR, down from 776 thousand in June.

10:00 AM: Richmond Fed Survey of Manufacturing Activity for August.

—– Wednesday, August 26th —–

7:00 AM ET: The Mortgage Bankers Association (MBA) will release the results for the mortgage purchase applications index.

8:30 AM: Durable Goods Orders for July from the Census Bureau. The consensus is for a 4.3% increase in durable goods orders.

—– Thursday, August 27th —–

8:30 AM: Gross Domestic Product, 2nd quarter 2020 (second estimate). The consensus is that real GDP decreased 32.6% annualized in Q2, up from the advance estimate of -32.9% in Q2.

8:30 AM: The initial weekly unemployment claims report will be released. The early consensus is for a 1.100 million initial claims, down from 1.106 million the previous week.

9:10 AM: Speech, Fed Chair Jerome Powell, Monetary Policy Framework Review, At the Jackson Hole Economic Policy Symposium – Navigating the Decade Ahead: Implications for Monetary Policy

10:00 AM: Pending Home Sales Index for July. The consensus is for a 4.5% increase in the index.

11:00 AM: the Kansas City Fed manufacturing survey for August.

—– Friday, August 28th —–

8:30 AM ET: Personal Income and Outlays, July 2020. The consensus is for a 0.2% decrease in personal income, and for a 1.5% increase in personal spending. And for the Core PCE price index to increase 0.5%.

9:45 AM: Chicago Purchasing Managers Index for August.

10:00 AM: University of Michigan’s Consumer sentiment index (Final for August). The consensus is for a reading of 72.8.