By Kasra Kangarloo
WASHINGTON (MNI) – The week ahead will be fairly light on releases,
with the exception of housing data: existing home sales, housing starts,
and the National Association of Home Builders’ housing market index will
all be released.
All three indicators have lately been on a positive streak, with
permits issued for new construction and home builder optimism
surprisingly strong, despite slower movement in sales. The July level
for permits was the highest in four years; the NAHB index was at the
highest in four and a half years.
Even sales, however, have lately started to turn. Existing home
sales have retained their modest strength, while new home sales have
been climbing into territory not seen since the federal first-time
homebuyer’s tax credit was offered in 2009 and early 2010.
August existing home sales will be released Wednesday at 10:00 a.m.
ET; August housing starts will be released Wednesday at 8:30 a.m. ET;
and the September NAHB home price index will be released Tuesday at
10:00 a.m. ET.
Some of the more closely-watched regional manufacturing surveys
will also be released next week: the Empire State manufacturing survey
for September is due Monday at 8:30 a.m. ET and the Philadelphia Federal
Reserve’s business outlook survey is due Thursday at 10:00 a.m. ET.
Both indices have been tracking in slightly negative territory the
past few months, though modest improvement is expected for September.
Intial jobless claims will be worth watching next week, since this
week’s data could have been boosted by seasonal variations related to
Labor Day weekend.
Initial jobless claims will be released Thursday at 8:30 a.m. ET.
Other data to be released over the week include the second quarter
current account balance on Tuesday at 8:30 a.m. ET, July Treasury
International Capital flows on Tuesday at 9:00 a.m. ET, the Conference
Board’s leading economic indicators on Thursday at 10:00 a.m. ET and the
Mortgage Bankers Association’s mortgage applications index on Wednesday
at 7:00 a.m. ET.
Federal Reserve speakers for the week are listed below:
Chicago Federal Reserve President Charles Evans will speak on the
economy in Michigan on Tuesday at 8:00 a.m. ET.
New York Federal Reserve President William Dudley will speak on the
economy in New Jersey on Tuesday at 11:30 a.m. ET and then again at 4:30
p.m. ET.
Richmond Federal Reserve President Jeffery Lacker will speak on
monetary policy in New York on Tuesday at 7:15 p.m. ET.
Kansas City Federal Reserve President Esther George will give
opening remarks at a jobs conference in on Wednesday at 9:45 a.m. ET.
Dallas Federal Reserve President Richard Fisher will speak on the
economy and policy in New York on Wedensday at 7:00 p.m. ET.
Boston Federal Reserve President Eric Rosengren will speak on the
economy in Massachusettes on Thursday at 7:44 a.m. ET.
Atlanta Federal Reserve President Dennis Lockhart will speak at the
Kansas City Federal Reserve Conference on Thursday at 9:30 a.m. ET. He
will speak again on the economy and policy in Atlanta on Friday at 12:40
p.m. ET.
Minneapolis Federal Reserve President Narayana Kocherlakota will
speak to business leaders in Michigan on Thursday at 1:30 p.m. ET.
Cleveland Federal Reserve President Sandra Pianalto will speak to
the Miami University Farmer School of Business in Ohio on Thursday at
5:00 p.m. ET.
St. Louis Federal Reserve President James Bullard will give an
economics lecture in Indiana on Thursday at 6:30 p.m. ET.
— Kasra Kangarloo is a Washington reporter for Need to Know News
** MNI Washington Bureau: 202-371-2121 **
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