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Sunday, February 23, 2014

US Economic Calendar Weekly Outlook For February 24 - 28th

US Federal Reserve Total Assets is at a current level of 4.149T, up from 4.119T last week and up from 3.074T one year ago. This is a change of 0.72% from last week and 34.97% from one year ago.
US Federal Reserve Total Asset shows a rise of 0.72% from last week
US Economic Calendar Weekly Outlook
Tuesday, February 25
  1. US CB Consumer Confidence: Tuesday, 10:00 am EST Consumers sentiment unexpectedly edged up in January to 80.7 from 77.5 in December, reaching a five-month high amid renewed optimism about the economy and labor market. Economists expected a weaker reading of 78.3. US jobs market improved offering plentiful positions and higher wages propelling consumer purchases and confidence. A small decline to 80.2 is forecasted.
Wednesday, February 26
  1. US New Home Sales: Wednesday, 10:00 am EST. The annual number of new home sales disappointed for the second consecutive month with a seasonally adjusted annual rate of 414,000 units, much weaker than the 445,000-unit pace registered in November missing predictions for a rise to 457,000. Many blamed the harsh winter conditions for the ongoing fall in the housing sector with a 36.4% fall in the Northeast which was hit by cold temperatures. This fall is not consistent with the strong demand reflected in the declining inventory for new and existing homes, indicating this is only a temporary setback. Another drop to 406,000 is expected now..
Thursday, February 27
  1. US Durable Goods Orders: 8:30 am EST.  Orders for long-lasting U.S. manufactured goods excluding transportation items plunged unexpectedly in December by 1.6% after a 1.2% gain in the previous month posting the biggest decline since March 2013. Most orders were weak, with the exception for machinery, and electrical equipment, appliances and components rising. Durable goods orders fell 4.3% in December after a 3.4% climb in November, pulled down by weak demand for transportation equipment, primary metals, computers and electronic products and capital goods.  Durable Goods Orders are expected to decline 0.7% while core Durable Goods Orders  are expected to fall 0.1%.
  2. US Unemployment Claims: 8:30 am EST. The number Americans filing applications for unemployment benefits dropped by 3,000 last week, to a seasonally adjusted 336,000, indicating firing has not increased. The number of applicants became stable in recent weeks despite modest levels of hiring in January and February, signaling business confidence is improving. In recent months, frigid weather slowed down hiring, retail sales and home construction. Job growth for the past two months reached only a half the monthly average for the previous two years. However lower unemployment rate of 6.6% was an improvement from December. Another drop to 333,000 is anticipated now.
Friday, February 28
  1. US GDP: 8:30 am EST. According to the first release, the US economy grew by 3.2% in Q4 2013. Already at that release, there were worries about the quality of this growth, with an inventory buildup taking a large part in that growth. After a few weak figures, expectations are for a downgrade of growth to 2.6% at the second and not final release.
  2. US Pending Home Sales: 10:00 am EST. The number of contracts to purchase previously owned homes in the U.S. plunged in December by 8.7% following a 0.3% decline in the preceding month. This was the worst reading since May 2010 amid higher borrowing costs and bad weather conditions halting sales. Analysts expected a modest drop of 0.3%, but unusually cold weather discouraged potential buyers. A rise of 2.9% is forecasted.

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