The Independent Market Observer

Economic Release Snapshot: Existing Home Sales Slow in July

Posted by Sam Millette

This entry was posted on Aug 28, 2023 8:09:02 AM

and tagged In the News

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Monday UpdateEach 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 August 21

Existing home sales, July (Tuesday)

  • Expected/prior month existing home sales monthly change: –0.2%/–3.3%
  • Actual existing home sales monthly change: –2.2%

Existing home sales fell more than expected in July, marking three consecutive months of declining home sales. Rising mortgage rates and a lack of supply served as headwinds for sales growth.

Durable goods orders, July, preliminary (Thursday)

  • Expected/prior durable goods orders monthly change: –4.0%/+4.4%
  • Actual durable goods orders change: –5.2%
  • Expected/prior core durable goods orders monthly change: +0.2%/+0.2%
  • Actual core durable goods orders change: +0.5%

Headline durable goods orders fell more than expected in July due to a drop in volatile aircraft orders. Core orders, which are viewed as a proxy for business investment, improved more than expected.

Upcoming Reports for the Week of August 28

Conference Board Consumer Confidence, August (Tuesday)

Consumer confidence is set to fall modestly in August after the index hit a two-year high in July.

Personal income and personal spending, July (Thursday)

Personal income and spending are set to increase in July, with spending growth expected to accelerate.

Employment report, August (Friday)

Economists expect to see continued hiring during the month, with forecasts calling for 168,000 additional jobs in August.

ISM Manufacturing, August (Friday)

Manufacturer confidence is expected to improve modestly in August; however, the index is set to remain in contractionary territory during the month.

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