By Kathleen Madigan
The economic reports are front-loaded this week because the U.S.
government and financial markets will close Thursday to observe
Christmas. Tuesday will bring a stocking full of data.
The Commerce Department will be particularly busy, as it is
scheduled to release durable goods orders, the last look at
third-quarter gross domestic product, new home sales and consumer
income and spending.
Economists surveyed by The Wall Street Journal expect new orders
for durable goods increased 3.0% in November, after a meager 0.3%
gain in October. The November increase should be powered by
stronger demand for transportation goods. Businesses remain
reticent about boosting demand for other capital equipment and that
has kept total durable goods orders on a mediocre trend.
More available data suggest real GDP in the summer was peppier
than first thought. The median forecast says real GDP growth will
be revised up to an annual rate of 4.3%, from the 3.9% rate now in
place. Stronger spending on services is key to the upward
refiguring.
Monthly data on consumer spending will also be out Tuesday.
Economists think a 0.5% jump in November personal income allowed
consumers to increase their spending by 0.5%. The expected increase
is supported by increases already reported in car buying and retail
sales.
Lastly, Commerce will report on new home sales. The median
forecast predicts new home buying increased just 0.4%, to an annual
rate of 460,000 in November. On Monday, the National Association of
Realtors said existing home sales fell a steep 6.1% to 4.93 million
in November.
DATE TIME RELEASE PERIOD CONSENSUS PREVIOUS
(ET)
Tuesday 0830 Durable Goods Orders Nov +3.0% (27) +0.3%
0830 Real GDP (3rd Read) 3Q +4.3% (27) +3.9%*
0830 GDP Prices (3rd Read) 3Q +1.4% (12) +1.4%*
0955 Consumer Sentiment(end) Dec 93.8 (23) 93.8**
1000 Personal Income Nov +0.5% (28) +0.2%
1000 Consumer Spending Nov +0.5% (29) +0.2%
1000 Core PCE Prices Nov +0.1% (23) +0.2%
1000 New Home Sales Nov 460K (29) 458K
--percent change +0.4% +0.7%
1000 Richmond Fed Mfg Svy Dec N/A 4
Wednesday 0830 Jobless Claims Dec 20 290K (21) 289K
*3Q 2nd reading
**Preliminary December reading
(Figures in parentheses refer to number of economists surveyed.)
Write to Kathleen Madigan at kathleen.madigan@wsj.com