This week: A new jobs report is released, as well as data on housing, construction and personal income. The Federal Reserve holds its latest policy meeting.
Personal income data for March comes out at 8:30 a.m. Analysts expect income to increase by less than 0.5 percent, compared with 1.1 percent in February.
Pending home sales follow at
10 a.m. After last month’s drop of 0.4 percent, the number of sales is forecast to increase by 0.9 percent. Low inventory and access to credit continue to pose challenges to home buyers in an otherwise strong housing market.
The Standard & Poor’s Case-Shiller home price index for February is out at 9 a.m. Prices across the nation are expected to rise by 0.9 percent. Home prices have been climbing for the past
The Federal Open Market Committee (FOMC) holds its third meeting of the year.
The payroll-processing firm Automated Data Processing releases its report card on private-sector employment at 8:15 a.m. Analysts predict that 155,000 jobs were added in April, 3,000 fewer jobs than in March.
The FOMC releases a statement at the end of its two-day meeting. No new policy announcements are expected as the Fed sticks to its goal of keeping inflation low. At the last meeting, committee members had mixed views about how long they should keep the Fed’s current policy in place.
The Institute for Supply Management releases its manufacturing index at 10 a.m. The index is forecast to drop a notch to 51. Construction spending for March, also out at
10 a.m., is expected to increase by 0.6 percent as residential construction ticks up.
The country’s trade deficit is expected to widen slightly to $42.1 billion, from $43 billion in February. Chain store sales for April are released throughout the day. Jobless claims are forecast to touch 346,000, up from 339,000 last week.
The European Central Bank is expected to cut its interest rate to 0.5 percent in an effort to stimulate the European economy. The current rate of 0.75 percent has been in place since July. ECB President Mario Draghi is scheduled to hold a news conference after the announcement.
The Bureau of Labor Statistics releases April’s employment report. Analysts predict that the nation’s unemployment rate was unchanged at 7.6 percent. Last month’s report was largely disappointing, as the nation added only 88,000 jobs.