5 Key Economic Events to Watch This Week: August 24 - 28
1. Revised Q2 U.S. GDP
The U.S. Commerce Department will publish its second estimate on second quarter growth figures at 8:30AM ET on Thursday.
Market analysts expect the data to show that the economy grew 3.2% in the three months ended June 30, up from a preliminary estimate of 2.3%, as an improvement in consumer spending and housing offset the drag from the energy sector.
2. U.S. durable goods data
The U.S. is to release data on durable goods orders at 8:30AM ET on Wednesday, as investors look for fresh readings on the strength of the economy.
The report is expected to show that orders for durable goods declined 0.5% in July, following a gain of 3.4% a month earlier, while core orders are forecast to rise 0.4% after tacking on 0.6% in June.
3. U.S. home sales data
The Commerce Department is to publish a report on new home sales for July at 10:00AM ET on Tuesday. The data is expected to show a gain of 6.0% to 510,000, following a decline of 6.8% in June.
On Thursday, the National Association of Realtors is to release data on pending home sales for July at 10:00AM, amid expectations for an increase of 1.0% after falling 1.8% a month earlier.
4. German IFO business sentiment data
The Ifo German research institute is to report on German business sentiment on Tuesday, with market players expecting the index to fall slightly to 107.8 this month from 108.0 in July.
The monthly index is based on a survey of around 7,000 German firms in the manufacturing, construction, wholesale and retail sectors.
5. Jackson Hole meeting
Investors are looking ahead to this week's annual meeting of top central bankers and economists in Jackson Hole, Wyoming, due to take place from Thursday to Saturday.
While Fed chair Janet Yellen is not expected to attend, Fed Governor Stanley Fischer is scheduled to participate in a panel discussion about U.S. inflation developments on Saturday.
His comments will be closely watched for further hints regarding the strength of the economy and on the timing of a Fed rate hike.
Minutes of the central bank's July meeting published last week showed that Fed officials expressed broad concerns about lagging inflation and the weak global economy.
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