Global Economy Week Ahead: Europe PMI, U.S. Durable Goods, Jackson Hole
August 20 2017 - 2:29PM
Dow Jones News
By WSJ Staff
This week, top central bankers including Federal Reserve
Chairwoman Janet Yellen and European Central Bank President Mario
Draghi will gather for the Jackson Hole economic symposium, and the
eurozone will see data on manufacturing and consumer
confidence.
WEDNESDAY: The eurozone economy had a surprisingly strong first
half of the year, and economists expect to see indications over the
coming week that growth is continuing at only a slightly slower
pace during the third quarter. IHS Markit's composite purchasing
managers index for the currency area -- a measure of activity in
the manufacturing and services sectors -- is forecast to fall a
little in August, but remain close to the levels recorded in
July.
On the same day, the European Commission will publish its
measure of eurozone consumer confidence, which economists expect to
remain close to July's level, only moderately down from
second-quarter highs.
THURSDAY: The National Association of Realtors releases July
existing-home sales. In June, sales of previously owned U.S. homes
fell 1.8% to an annual rate of 5.52 million. Prices jumped as
strong demand overwhelmed a pinched supply of available homes.
July's figures will offer fresh insight into whether the tight
supply of homes and rising prices are deterring prospective home
buyers. Economists surveyed by The Wall Street Journal expect
existing-home sales grew 0.7% in July.
Federal Reserve officials and other central bankers and
economists from around the world gather Thursday through Saturday
in Wyoming for the annual Jackson Hole symposium hosted by the
Federal Reserve Bank of Kansas City. One focus will be Ms. Yellen's
speech Friday morning on financial stability, which could be her
last appearance at the event as Fed chairwoman. Mr. Draghi, the ECB
chief, will speak Friday afternoon.
FRIDAY: The U.S. Commerce Department releases data on durable
goods in July. June's report showed orders for big-ticket items
like refrigerators grew 6.5% from a month earlier. Economists will
be watching for signs of momentum in capital investment, given this
year's booming stock market and strong business confidence. But
economists surveyed by The Wall Street Journal expect durable-goods
orders fell 6.1% in July.
(END) Dow Jones Newswires
August 20, 2017 15:14 ET (19:14 GMT)
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