A look at some of the key business events and economic indicators upcoming this week
EYE ON MANUFACTURING
The Federal Reserve Bank of Richmond issues its monthly manufacturing activity index Wednesday.
The index represents a weighted average of the shipments, new orders and employment indexes covering the bank’s district, which encompasses several states, including Maryland, North Carolina and Virginia. Economists expect December’s reading improved to -4 from -5 in November. The index can range between +100 and -100. Readings above zero indicate expansion in manufacturing activity.
Richmond Fed Manufacturing Index, monthly.
July -9.0
Aug. -7.0
Sept. 5.0
Oct. 3.0
Nov. -5.0
Dec. (est.) -4.0
Source: FactSet
TRACKING HOME SALES
The National Association of Realtors releases its latest monthly pending home sales index Thursday.
Pending home sales fell 1.5% in October as the average rate on a 30-year mortgage surged to its highest level since 2000. Economists predict the index rose 0.5% last month, as easing mortgage rates gave homebuyers some breathing room. A lag of a month or two usually exists between a signed contract and a completed sale, which makes the index a barometer of finalized home purchases over the next two months.
Pending home sales index, monthly percent change:
June 0.4
July 0.5
Aug. -7.1
Sept. 1.0
Oct. -1.5
Nov. (est.) 0.5
Source: FactSet
ECONOMIC INDICATOR
MNI Indicators delivers its monthly Chicago business barometer index Friday.
The index, a key gauge of U.S. regional business activity, increased to 55.8 in November, its highest level since May 2022. The higher reading reflected growth in new orders, inventories and production activity. Economists project that this month’s reading fell to 49.8. Readings above 50 indicate economic activity is growing.
Chicago business barometer, monthly, seasonally adjusted:
July 42.8
Aug. 48.7
Sept. 44.1
Oct. 44.0
Nov. 55.8
Dec. (est.) 49.8
Source: FactSet
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