ECONOMIC CALENDAR:Monday: Personal Income and Outlays, Dallas Fed Manufacturing Survey Tuesday: S&P Case-Shiller HPI, Consumer Confidence Wednesday: ADP Employment Report, Chicago PMI, Pending Home Sales Index, EIA Petroleum Status Report Thursday: Motor Vehicle Sales, Jobless Claims, Productivity and Costs, PMI Manufacturing Index, ISM Manufacturing Index, Construction Spending Friday: Employment Situation, International Trade, Factory Orders
- New home sales skyrocket. Sales of new single-family homes rose unexpectedly in July, reaching their highest level in almost nine years as demand for houses rose.
- Existing home sales tumble. Home resales fell last month for the first time since February as shrinking inventory limited buyer activity. However, as wages and home prices rise, resales will likely pick up later this year.
- Durable goods orders bounce in July. Orders for long-lasting factory goods rebounded last month, indicating the manufacturing sector may be strengthening.
- Consumer sentiment slips in August. A gauge of how Americans feel about the economy and their financial prospects fell. A drop in optimism could foretell weaker consumer spending this quarter.
Quote Of The Week
“You can never cross the ocean until you have the courage to lose sight of the shore.” – André Gide