by Calculated Risk September 14, 2024 8:11 AM
The main reports this week are August retail sales, housing starts and existing home sales.
For the manufacturing sector, August industrial production and September data from the New York and Philadelphia Feds are due to be released this week.
The FOMC is expected to meet this week and cut interest rates.
—– Monday, September 16th —–
8:30 a.m. ET: New York Fed Empire State Manufacturing Survey The consensus forecast is for it to rise from -4.7 to -4.0 in September.
—– Tuesday, September 17th —–
8:30 AM EST Retail sales Retail sales figures for August are released. Retail sales are expected to increase by 0.2%.
This graph shows retail sales since 1992. It is seasonally adjusted monthly retail sales and food service sales (total and excluding gasoline).
9:15 a.m.: The Fed Industrial production and capacity utilization For August.
This graph shows industrial production since 1967.
The consensus is that industrial production will grow 0.1 percent and capacity utilization will rise to 77.9 percent.
10:00 AM: September NAHB Home Builder SurveyForecasts are calling for the index to rise to 40 from August’s 39. A reading below 50 indicates that more builders view sales conditions as poor than as good.
—– Wednesday, September 18th —–
7:00 AM EST: The Mortgage Bankers Association (MBA) Mortgage Purchase Application Index.
8:30 AM: Housing starts For August.
This graph shows housing starts and total housing starts since 1968.
The consensus is expected to rise to SAAR1.25 million from SAAR1.238 million.
Daytime: AIA Billings Index of Architecture (leading indicator for commercial real estate) for August.
2pm: FOMC Meeting AnnouncementThe Fed is expected to cut interest rates by 25 basis points at this meeting.
2pm: FOMC forecast This includes quarterly economic forecasts along with Federal Open Market Committee (FOMC) participants’ forecasts of the appropriate target federal funds rate.
2:30pm: Federal Reserve Chairman Jerome Powell A press conference will be held after the FOMC announcement.
—– Thursday, September 19th —–
8:30 AM: Unemployment claims (weekly) The report is coming out, and the consensus is that new claims are up from 230,000 last week to 235,000.
8:30 AM: Philadelphia Fed Manufacturing Survey The consensus forecast is for it to rise from -7.0 to 2.0 in September.
10AM: Existing Home Sales The National Association of Realtors (NAR) announced August home sales. The consensus forecast was 3.85 million, down from 3.95 million in July.
This chart shows existing home sales from 1994 through last month’s report.
—– Friday, September 20th —–
10AM: State Employment and Unemployment (Monthly) August 2024
