Economy Week Ahead: Eurozone PMI, New- and Existing-Home Sales
By WSJ Staff
In the week ahead, surveys of purchasing managers in the eurozone are released. In the U.S., data on existing- and new-home sales and durable goods orders are released.
Thursday: The eurozone economy regained some of its lost momentum in the first quarter, but economists view the outlook as highly uncertain. Surveys of purchasing managers painted a more downbeat picture of activity in the first three months of the year than appears to have been warranted, but the latest reading for May will nonetheless be looked to by policy makers at the European Central Bank as they prepare for a key meeting in June. Economists expect the composite PMI to rise slightly to 51.7 from 51.5 in April, pointing to a modest expansion in the services and manufacturing sectors.
The U.S.-based National Association of Realtors releases its latest gauge of sales of existing homes in the U.S. Sales of previously owned homes sputtered in March, failing to build off strong gains in February, despite lower mortgage rates and a strong job market. Still, economists surveyed by The Wall Street Journal expect the trend changed in April with a solid 3.1% increase on the month.
Also, the U.S. Commerce Department publishes data on new-home sales, a smaller piece of the housing market. Purchases of new homes in the U.S. increased in March, driven by sales gains in most parts of the nation. But economists predict sales dropped in April despite a deceleration in new-home price growth.
Friday: The department releases durable goods orders figures. Orders for long-lasting factory goods rose in March at the fastest clip in seven months, surpassing expectations and suggesting demand picked up after a slow start to the year. Economists think this trend reversed in April too, with orders declining 2%.
(END) Dow Jones Newswires
May 19, 2019 15:14 ET (19:14 GMT)Copyright (c) 2019 Dow Jones & Company, Inc.