Economy Week Ahead: Eurozone PMI, New- and Existing-Home Sales
19 May 2019 - 8:29PM
Dow Jones News
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)
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