ECONOMIC CALENDAR:Tuesday: Personal Income and Outlays, S&P Case-Shiller HPI, Chicago PMI, Consumer Confidence, Dallas Fed Manufacturing Survey Wednesday: Motor Vehicle Sales, ADP Employment Report, PMI Manufacturing Index, ISM Manufacturing Index, Construction Spending, Beige Book Thursday: Jobless Claims, EIA Petroleum Status Report Friday: Employment Situation, International Trade, Factory Orders, ISM Non-Manufacturing Index
- Weekly jobless claims fall. The number of Americans filing new claims for unemployment benefits fell by 10,000, bringing claims back in line with long-term trends. However, some seasonal factors may have affected the data.
- Durable goods orders increase. New orders for long-lasting manufactured goods like electronics, appliances, and vehicles increased in April. However, much of the growth came from orders for commercial aircraft – a notoriously volatile category – and may not be sustainable.
- Consumer sentiment rises in May. A measure of American optimism about the economy increased to the highest levels in nearly a year as cheap gasoline, low interest rates, and an improving economic picture boosted sentiment.
- Pending home sales increase to 10-year high. The number of homes under contract rose 5.1% over March levels, indicating the housing market is gaining steam.
Quote Of The Week
“I think that the good and the great are only separated by the willingness to sacrifice.” – Kareem Abdul-Jabbar