ECONOMIC CALENDAR:Monday: Personal Income and Outlays, PMI Manufacturing Index, ISM Mfg. Index, Construction Spending Tuesday: Motor Vehicle Sales, Factory Orders Wednesday: ADP Employment Report, International Trade, ISM Non-Mfg. Index, EIA Petroleum Status Report, Beige Book Thursday: Jobless Claims, Productivity and Costs Friday: Employment Situation
Quote of the week:
“There are no traffic jams along the extra mile.” – Roger Staubach
- Consumer sentiment beats expectations though still weak. U.S. consumers remain cautious about the current state of the economy, leading some analysts to worry about consumer spending this quarter.
- Durable goods orders fall. Orders for long-lasting factory goods fell in April, but the underlying data indicates that business spending is slowly picking up. Excluding volatile transportation orders, orders climbed 0.5%.
- New home sales rise more than expected in April. Sales of newly constructed single-family homes surged in April, indicating that a housing sector resurgence may be underway. Hopefully, the strengthening job market will support sales activity.
- Pending home sales looking up. A forward-looking indicator of U.S. home purchases rose in April for the fourth straight month in a very positive sign for the housing sector. The gauge rose 14% over April 2014, the highest level since May 2006.