Last week’s economic data indicated further slowing in the housing market and overall economic growth. New home sales are now well below the long-run average and pending home sales suggest the trend will continue going forward, while consumer spending slowed in large part due to falling energy prices. Additionally, the S&P flash PMIs both fell, with services now well into contraction territory.
What we learned last week: (pg. 1)
- New home sales tumble
- Core inflation slowly retreating
What we’re watching this week: (pg. 2)
- ISM manufacturing activity forecasted to slow modestly
- Consumer confidence could edge higher
- Solid employment gains may continue