Schedule for Week of May 23, 2021

The key reports this week are the second estimate of Q1 GDP, April New Home Sales, March Case-Shiller house prices, and Personal Income and Outlays for April.

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

—– Monday, May 24th —–

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

—– Tuesday, May 25th —–

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

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 12.3% year-over-year increase in the Comp 20 index for March.

9:00 AM: FHFA House Price Index for March 2021. This was originally a GSE only repeat sales, however there is also an expanded index.

New Home Sales10:00 AM: New Home Sales for April 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 975 thousand SAAR, down from 1.021 million SAAR in March.

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

—– Wednesday, May 26th —–

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

—– Thursday, May 27th —–

8:30 AM: The initial weekly unemployment claims report will be released.  The consensus is for a decrease to 420 thousand from 444 thousand last week.

8:30 AM: Gross Domestic Product, 1st quarter 2021 (Second estimate). The consensus is that real GDP increased 6.5% annualized in Q1, up from the advance estimate of 6.4%.

8:30 AM: Durable Goods Orders for April from the Census Bureau. The consensus is for a 0.8% increase in durable goods orders.

10:00 AM: Pending Home Sales Index for April. The consensus is for a 1.2% increase in the index.

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

—– Friday, May 28th —–

8:30 AM ET: Personal Income and Outlays, April 2021. The consensus is for a 14.8% decrease in personal income, and for a 0.5% increase in personal spending. And for the Core PCE price index to increase 0.6%.

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

10:00 AM: University of Michigan’s Consumer sentiment index (Final for May). The consensus is for a reading of 83.0.