Schedule for Week of June 20, 2021

The key reports this week are the third estimate of Q1 GDP, May New and Existing Home Sales, and Personal Income and Outlays for May.

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

—– Monday, June 21st —–

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

—– Tuesday, June 22nd —–

Existing Home Sales10:00 AM: Existing Home Sales for May from the National Association of Realtors (NAR). The consensus is for 5.72 million SAAR, down from 5.85 million.

The graph shows existing home sales from 1994 through the report last month.

Housing economist Tom Lawler expects the NAR to report sales of 5.78 million SAAR for May.

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

2:00 PM: Testimony, Fed Chair Jerome Powell, The Federal Reserve’s Response to the Coronavirus Pandemic, Before the Select Subcommittee on Coronavirus Crisis, U.S. House of Representatives

—– Wednesday, June 23rd —–

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

New Home Sales10:00 AM: New Home Sales for May 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 880 thousand SAAR, up from 863 thousand in April.

During the day: The AIA’s Architecture Billings Index for May (a leading indicator for commercial real estate).

—– Thursday, June 24th —–

8:30 AM: The initial weekly unemployment claims report will be released.  The consensus is for a decrease to 390 thousand from 412 thousand last week.

8:30 AM: Durable Goods Orders for May from the Census Bureau. The consensus is for a 3.0% increase in durable goods orders.

8:30 AM: Gross Domestic Product, 1st quarter 2020 (Third estimate). The consensus is that real GDP increased 6.4% annualized in Q1, unchanged from the second estimate of a 6.4% increase.

11:00 AM: the Kansas City Fed manufacturing survey for June. This is the last of regional manufacturing surveys for June.

4:30 PM: Federal Reserve releases 2021 bank stress tests results

—– Friday, June 25th —–

8:30 AM ET: Personal Income and Outlays, May 2020. The consensus is for a 2.5 decrease in personal income, and for a 0.3% increase in personal spending. And for the Core PCE price index to increase 0.6% (3.4% YoY).

10:00 AM: University of Michigan’s Consumer sentiment index (Final for June). The consensus is for a reading of 86.8.