Last week, economic data was mixed in what was a light week with only 15 releases. The first half of the week only saw housing data, which came in stronger through homebuilder sentiment and mortgage applications.  The Philly Fed’s Business Outlook collapsed to kick off a busy day of data on Thursday.  Factory Orders and Markit PMIs also showed some weakening conditions in manufacturing.

This week, data activity picks back up with 34 releases scheduled.  Earlier this morning, the Chicago Fed released their National Activity Index with a much weaker print.  Later this morning, the Dallas Fed will release its regional Manufacturing activity index.  Later in the week, the Richmond and Kansas City releases will come out.  Tomorrow will be full of housing data including starts and permits, the quarterly House Price Purchase Index, FHFA Index, and Case-Shiller home prices.  Pending Home Sales will come out on Wednesday.  Thursday we get the combined first and second release of Q4 GDP data which is being forecasted to show a slowdown of 0.9% from the previous quarter.  We will end the week and kick off March with Markit Manufacturing PMIs and the ISM Manufacturing Index.

As we noted in previous weeks, a solid portion of recent data is from the backlog of delayed releases as a result of the government shutdown.  While last week only crossed off a few of the December indicators, this week will basically get us all caught up.  By the end of the day Friday, the only release left will be Construction Spending and New Home Sales for December which will come out next week.

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