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Schedule for Week of May 22, 2022

The key reports this week are the second estimate of Q1 GDP, April New Home Sales, and Personal Income and Outlays for April.

For manufacturing, the May Richmond and Kansas City Fed manufacturing surveys will be released.

Note: The Census Bureau is expected to release “National, State, and County housing units” from the 2020 Census sometime in May.

—– Monday, May 23rd —–

8:30 AM ET: Chicago Fed National Activity Index for April. This is a composite index of other data.

—– Tuesday, May 24th —–

10:00 AM: New Home Sales for April from the Census Bureau.

This graph shows New Home Sales since 1963. The dashed line is the sales rate for last month.

The consensus is for 750 thousand SAAR, down from 763 thousand SAAR in March.

10:00 AM: Richmond Fed Survey of Manufacturing Activity for May.

—– Wednesday, May 25th —–

7:00 AM ET: The Mortgage Bankers Association (MBA) will release the results for the mortgage purchase applications index.

8:30 AM: Durable Goods Orders for April from the Census Bureau. The consensus is for a 0.6% increase in durable goods orders.

2:00 PM: FOMC Minutes, Minutes Meeting of May 3-4, 2022

—– Thursday, May 26th —–

8:30 AM: The initial weekly unemployment claims report will be released.  The consensus is for 220 thousand up from 218 thousand last week.

8:30 AM: Gross Domestic Product, 1st quarter 2021 (Second estimate). The consensus is that real GDP decreased 1.3% annualized in Q1, up from the advance estimate of -1.4%.

10:00 AM: Pending Home Sales Index for April. The consensus is for a 1.9% decrease in the index.

11:00 AM: the Kansas City Fed manufacturing survey for May. 

—– Friday, May 27th —–

8:30 AM ET: Personal Income and Outlays, April 2021. The consensus is for a 0.6% increase in personal income, and for a 0.7% increase in personal spending. And for the Core PCE price index to increase 0.3%.  PCE prices are expected to be up 6.3% YoY, and core PCE prices up 4.9% YoY.

10:00 AM: University of Michigan’s Consumer sentiment index (Final for May). The consensus is for a reading of 59.1.

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