Friday's Events: U.S. Durable Goods, U of M Consumer Sentiment, New Home Sales
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Friday's highlights include the release of U.S. durable goods and new home sales for June along with a final look at consumer sentiment for the United States. There are no major scheduled macroeconomic releases or events for Canada.
At 8:30 a.m. EDT, the U.S. Commerce Department will release durable goods orders for June. Economists expect a 0.3% month-over-month decline in headline durable goods orders following a flat reading in May. Excluding transportation, orders are expected to fall 0.2% month-over-month following a steep 0.8% contraction the month prior.
At 10 a.m. EDT, markets will receive the final reading from the Reuters/University of Michigan's consumer sentiment index for July. The consensus is expecting a slight downward revision to the preliminary reading to score of 56.4 from a previous figure of 56.6. Market participants will also be paying close attention to revisions to the current conditions index (69.5) and expectations index (48.3), as well as one-year inflation expectations (5.3%).
Also at 10 a.m. EDT, the U.S. Commerce Department will release new home sales for June. The consensus is expecting sales of new homes to total 503K compared to the 512k reported in May. The results would translate into a 1.8% month-over-month decline following a 2.5% contraction in May.
8:30 US Durable Goods Orders June Exp: -0.3% Prior: +0.0%
8:30 US Durables Ex Transportation June Exp: -0.2% Prior: -0.9%
10:00 US University of Michigan/Reuters Confidence July Final Exp: 56.4 Prior: 56.6
10:00 US New Home Sales June Exp: +503K Prior: +512K
10:00 US New Home Sales (M/M) June Exp: -1.8% Prior: -2.5%
By Erik Kevin Franco and edited by Nancy Girgis
©CEP News Ltd. 2008
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