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(CEP News)-The week starts to pick up in the U.S. with the first of two major housing reports. Markets will receive June existing home sales, which are expected to fall 1.1% following May's rise of 2.0%.
Economists from RDQ Economics are looking for existing home sales to continue to drop. "Following a 7.1% jump in April, pending home sales dropped 4.7% in May. Through the volatility, the trend in pending home sales suggests to us that existing home sales may have pulled back moderately in June. We look for a 1.8% decline in existing home sales in June, to 4.90 million units." Economists from JPMorgan expect existing home sales to rise for the second consecutive month in June to an annualized pace of 5.01 million, which would mark the fastest sales pace since February. "This forecast is largely based on the pending home sales index, which leads existing home sales by one to two months. If our forecast is realized, existing home sales will have been roughly stable for the last three quarters. However, the rise in mortgage rates in late May and June could cause sales to weaken again in the near term," wrote economists from JP Morgan. Initial jobless claims are expected to climb to 380K this for the week ending July 19. The previous week saw jobless claims rise to 366K. All times in EDT 8:30 US Initial Jobless Claims W/E July 19 Exp: +380K Prior: +366K 8:30 US Continuing Claims W/E July 12 Exp: +3160K Prior: +3122K 10:00 US Existing Home Sales June Exp: +4.94M Prior: +4.99M 10:00 US Existing Home Sales (M/M) June Exp: -1.0% Prior: +2.0% 10:00 US NY Fed's Geithner, SEC's Cox to Testify Before House Committee 10:35 US EIA Natural Gas Storage Change 18-July Exp:+80 Bcf Prior: +104 Bcf 13:00 US Treasury to Sell 5-Year Notes 16:30 US Treasury to release M1 and M2 Money Supply By Steve Stecyk,
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, edited by Cristina Markham,
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