Expect to see nothing but continued strength in the housing sector in Monday's report on existing home sales for November. Economists surveyed by Briefing.com expect sales hit an annualized rate of 5.69 million last month, down slightly from October's record 5.77 million. But since new home sales hit a new record in November, economists' forecasts may be too conservative.
The Conference Board releases its report on consumer confidence for December on Tuesday. Given the improvement in the University of Michigan's recent soundings on consumer sentiment, economists expect the Conference Board's confidence index rose to 86 from November's 84.1.
The Chicago-area purchasing managers' index comes out on Tuesday. Although it has a good track record for predicting the national purchasing managers' index, this was not the case in November, when the Chicago PMI rose sharply but the national PMI fell. For December economists expect the Chicago PMI slipped slightly, to 52.8 from 54.3.
Markets are closed Wednesday for New Year's Day. Happy 2003!
December car and truck sales figures get released Thursday. Economists expect that total vehicle sales rose to an annualized 13.1 million, the best level since August. Still, sales aren't responding to the car companies' generous incentive programs like they did early in 2002.
Thursday, the Institute for Supply Management releases the results of its Purchasing Managers' Index for December. The key reading on the health of the manufacturing sector and a leading indicator of the direction of the overall economy, economists expect the PMI rose slightly from November's 49.2 to 50.2. Any number over 50 indicates expansion in the manufacturing economy; below 50 signals contraction.
Friday the Commerce Department releases figures on construction spending in November. Economists expect overall spending rose just 0.1 percent from October -- weakness in commercial construction is offsetting residential construction's strength.
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