Schedule for Week of May 24, 2020

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 Dallas, Richmond and Kansas City Fed manufacturing surveys will be released.

On Friday, Fed Chair Jerome Powell will participate in a discussion.

—– Monday, May 25th —–

All US markets will be closed in observance of Memorial Day.

—– Tuesday, May 26th —–

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

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 3.3% year-over-year increase in the Comp 20 index for March.

9:00 AM: FHFA House Price Index for March 2020. 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 490 thousand SAAR, down from 627 thousand in March.

10:30 AM: Dallas Fed Survey of Manufacturing Activity for May.

—– Wednesday, May 270th —–

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

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

2:00 PM: the Federal Reserve Beige Book, an informal review by the Federal Reserve Banks of current economic conditions in their Districts.

—– Thursday, May 28th —–

8:30 AM ET: The initial weekly unemployment claims report will be released. The consensus is for a 2.100 million initial claims, down from 2.438 million the previous week.

8:30 AM: Gross Domestic Product, 1st quarter 2020 (Second estimate). The consensus is that real GDP decreased 4.8% annualized in Q1, unchanged from the advance estimate of -4.8%.

8:30 AM: Durable Goods Orders for April from the Census Bureau. The consensus is for a 18.5% decrease in durable goods orders.

10:00 AM: Pending Home Sales Index for April. The consensus is for a 15% decrease in the index.

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

—– Friday, May 29th —–

8:30 AM ET: Personal Income and Outlays, April 2020. The consensus is for a 6.5% decrease in personal income, and for a 12.5% decrease in personal spending. And for the Core PCE price index to decrease 0.3%.

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 73.7.

11:00 AM: Discussion, Fed Chair Jerome Powell, At Griswold Center for Economic Policy Studies Princeton Reunions Talk: A Conversation with Jerome Powell, moderated by Alan Blinder (via webcast)