This Week’s Economic Indicators - Monday, Dec. 24

Last week we saw 37 data releases, of which 18 came in below estimates while only 13 beat estimates. Monday kicked off on a sour note as Empire Manufacturing came in way below expectations and homebuilder sentiment from the NAHB broke its streak of releasing above 60. Despite these misses, both indicators are still at positive levels. Tuesday was quiet with only a couple pieces of housing data, both of which came in above expectations. Wednesday was the real market mover day as the FOMC announced their rate decision which sent markets further into a tailspin. This event greatly overshadowed beats from the Current Account and Existing Home Sales. Thursday and Friday were the busiest data days last week, and most of the report missed expectations. The Philly Fed’s Business Outlook came in lower despite an expected uptick. Friday’s GDP release saw a slight decline in GDP and mixed PCE numbers. Goods orders all came in weaker on top of the Kansas City Fed’s manufacturing activity keeping the trend of weaker regional Fed activity data.

 

Turning to this week, with a shortened day today and tomorrow’s Christmas holiday, it will be a much lighter week of economic data. Earlier this morning, the Chicago Fed released their National Activity Index, which came in above the 0.20 forecasted level at 0.22.  Aside from some treasury auctions later on, that is the only economic data point for today. Tomorrow will see no releases domestically due to the Christmas holiday; even abroad the only release to speak of will be Japan’s leading and coincident indices. Wednesday will be another light day with only the Richmond Fed’s Manufacturing Index on the docket. Thursday we get more home price data with the FHFA Home Price Index and New Home Sales alongside the weekly jobless claims and Bloomberg Consumer Comfort reports. The Conference Board’s Consumer Confidence numbers will also come out Thursday morning. We cap off the week with the preliminary Trade Balance for November, Chicago PMI, and more home data with Pending Home Sales.

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