Schedule for Week of June 21, 2020

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 22nd —–

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

Existing Home Sales10:00 AM: Existing Home Sales for May from the National Association of Realtors (NAR). The consensus is for 4.10 million SAAR, down from 4.33 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 3.8 million SAAR for May.

—– Tuesday, June 23rd —–

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 640 thousand SAAR, up from 623 thousand in April.

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

—– Wednesday, June 24th —–

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

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

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

—– Thursday, June 25th —–

8:30 AM: The initial weekly unemployment claims report will be released. The consensus is for a 1.300 million initial claims, down from 1.508 million the previous week.

8:30 AM: Durable Goods Orders for May from the Census Bureau. The consensus is for a 10.6% increase in durable goods orders.

8:30 AM: Gross Domestic Product, 1st quarter 2020 (Third estimate). The consensus is that real GDP decreased 5.0% annualized in Q1, unchanged from the second estimate of a 5.0% decrease.

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

—– Friday, June 26th —–

8:30 AM ET: Personal Income and Outlays, May 2020. The consensus is for a 6.0% decrease in personal income, and for a 9.0% increase in personal spending. And for the Core PCE price index to increase 0.2%.

10:00 AM: University of Michigan’s Consumer sentiment index (Final for June). The consensus is for a reading of 78.9.