Economic Release Snapshot: Housing Sales Slow in October

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 November 20

Existing home sales, October (Tuesday)

• Expected/prior month existing home sales monthly change: –1.5%/–2.2%
• Actual existing home sales monthly change: –4.1%

Existing home sales fell more than expected in October, bringing the annualized rate of sales to its lowest level since 2010. High prices, limited supply, and high mortgage rates served as headwinds for prospective home buyers.

FOMC meeting minutes, November

The Fed’s November meeting minutes showed that central bankers remain committed to combating inflation through a higher-for-longer interest rate environment. The release of the minutes did not meaningfully change market expectations of the path of monetary policy, with futures markets pricing in roughly three rate cuts by the end of 2024.

Durable goods orders, October, preliminary (Wednesday)

• Expected/prior durable goods orders monthly change: –3.2%/+4.0%
• Actual durable goods orders change: –5.4%
• Expected/prior core durable goods orders monthly change: +0.1%/+0.2%
• Actual core durable goods orders change: +0.0%

Headline durable goods orders fell more than expected in October, which was largely due to a drop in volatile nondefense aircraft orders. Core orders, which strip out the impact of transportation orders, were flat during the month.

University of Michigan consumer sentiment survey, November (Wednesday)

• Expected/prior month consumer sentiment index: 61/60.4
• Actual consumer sentiment index: 61.3

Consumer sentiment increased modestly in November, as improved consumer views on current economic conditions led to the index’s rise during the month.

Upcoming Reports for the Week of November 27

Conference Board Consumer Confidence, November (Tuesday)

Consumer confidence is set to decline for the fourth consecutive month in November. If estimates hold, the index is expected to fall to its lowest level this year.

Personal income and personal spending, October (Thursday)

Personal income and spending are set to rise 0.2 percent in October after increasing more than expected in September.

ISM Manufacturing, November (Friday)

Manufacturer confidence is set to improve in November due, in part, to the successful resolution of the UAW strikes at the end of October.