Markets are in the green, as the economic data calendar begins to gather steam.
4 noteworthy pieces of economic data are coming out in the US today.
• At 9:00 AM ET, S&P/Case-Shiller House Price Index for March. Although this is the March report, it is really a 3 month average of January, February and March. The consensus is for a 10.2% year-over-year increase in the Composite 20 index (NSA) for December. The Zillow forecast is for the Composite 20 to increase 9.8% year-over-year, and for prices to increase 0.9% month-to-month seasonally adjusted.
• At 10:00 AM, the Richmond Fed Survey of Manufacturing Activity for May. The consensus is for a a reading of minus 3 for this survey, up from minus 6 in April (Below zero is contraction).
• Also at 10:00 AM, the Conference Board’s consumer confidence index for May. The consensus is for the index to increase to 71.5 from 68.1.
• At 10:30 AM, the Dallas Fed Manufacturing Survey for May. This is the last of regional surveys for May. The consensus is a reading of minus 8, up from minus 15 in April (below zero is contraction).
All will be interesting to watch. The Case-Shiller data is of course of the cream-of-the-crop of housing data, and confirming that the housing recovery is intact is a big part of the bullish story.
Meanwhile, consumer confidence has been kicking up lately, so the 10 AM number from the Conference Board should be intriguing.
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