ECONOMIC CALENDAR:Monday: Personal Income and Outlays, PMI Manufacturing Index, ISM Mfg. Index, Construction Spending Tuesday: Motor Vehicle Sales, Janet Yellen Speaks 8:15 PM ET Wednesday: ADP Employment Report, SM Non-Mfg. Index, EIA Petroleum Status Report, Beige Book Thursday: Jobless Claims, Productivity and Costs, Factory Orders Friday: Employment Situation, International Trade
Quote of the week:
“It always seems impossible until it’s done.” – Nelson Mandela
- Pending home sales rise to highest level since 2013. A measure of houses under contract rose in January as better credit conditions and more jobs boosted housing market activity. Since we are approaching prime home buying season, analysts hope the trend will continue into the spring.
- New single-family home sales drop slightly. Sales of newly built houses edged downward in January, possibly because of cold winter weather in the Northeast. However, sales are up 5.4% since January 2014 in a hopeful sign for the sluggish housing market.
- Durable goods rise in February. Orders for long-lasting manufactured products – like cars, refrigerators, and electronics – climbed 2.8% from January, indicating that businesses expect to be able to sell big-ticket items in coming months.
- Consumer sentiment drops slightly in February. Icy weather caused a gauge of consumer sentiment to slip last month. Despite the harsh weather, American confidence in the economy remains near eight-year highs.