Economic Release Snapshot: Existing Home Sales Rise in January

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 February 20

FOMC meeting minutes, January
The minutes from the Fed’s January meeting showed that central bankers remain divided on the appropriate timing for an interest rate cut. Hawkish Fed members pointed toward the potential risks associated with easing too soon, while dovish members cited the fall in inflationary pressure at the end of 2023.

Existing home sales, January (Thursday)

• Expected/prior month existing home sales change: +4.9%/–0.8%
• Actual existing home sales change: +3.1%

Existing home sales rose in January, bringing the annualized pace of sales to its highest level in five months. Despite the improvement, the pace of home sales remains below pre-pandemic levels, signaling continued headwinds for the housing sector.

Upcoming Reports for the Week of February 26

Durable goods orders, January, preliminary (Tuesday)
Headline durable goods orders are set to fall in January, partly due to a drop in volatile aircraft orders. Core durable goods orders, on the other hand, are expected to increase modestly to start the year, which signals solid business investment.

Conference Board Consumer Confidence, February (Tuesday)
Consumer confidence is set to remain unchanged in February after rising to a two-year high in January due to improving consumer views on current economic conditions and future expectations.

Personal income and personal spending, January (Thursday)
Personal income and spending are expected to rise in January, which would mark 24 consecutive months of spending growth if estimates hold.

ISM Manufacturing, February (Friday)
Manufacturer confidence is expected to rise modestly in February after improving more than expected in January. The index is still expected to remain in contractionary territory for the month despite the anticipated improvement.