Economic Release Snapshot: Existing Home Sales Improve in February

Each week, we break down the latest U.S. economic reports, including what the results mean for the overall health of the economy. Here, you will find how economists’ forecasts compare with actual results, key takeaways to consider, as well as a list of what’s on tap for the week ahead. 

Reports for the Week of March 20

Existing home sales, February (Tuesday)

• Expected/prior month existing home sales monthly change: +5.0%/–0.7%
• Actual existing home sales monthly change: +14.5%

Existing home sales grew 14.5 percent in February, breaking a year-long streak of declining monthly sales. Modestly lower home prices supported the rise in sales during the month.

FOMC rate decision (Wednesday)

The Fed hiked the federal funds rate by 25 bps at its March meeting, which was in line with investor and economist expectations. In his post-meeting press conference, Fed chair Jerome Powell indicated that the central bank still has confidence in the U.S. banking system despite the recent high-profile bank collapses.

Durable goods orders, February, preliminary (Thursday)

• Expected/prior durable goods orders monthly change: +0.2%/–5.0%
• Actual durable goods orders change: –1.0%
• Expected/prior core durable goods orders monthly change: +0.2%/+0.4%
• Actual core durable goods orders change: 0%

Headline and core durable goods orders both came in below expectations in February, signaling slowing business investment during the month.

Upcoming Reports for the Week of March 27

Conference Board Consumer Confidence, March (Tuesday)

Economist forecasts call for slightly lower consumer confidence in March, partially due to concerns about the health of the banking system.

Personal income and personal spending, February (Friday)

The February personal income and spending reports are expected to show a solid 0.3 percent increase for both income and spending in February, following better-than-expected spending growth in January.