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Today's Economic Data Docket - Claims, Pending Home Sales And Lots Of Headlines

Tyler Durden's picture




 

Just two economic datapoints today, jobless claims and pending home sales, which will continue confirming deteriorating macro trends, to be largely lost in the headline barrage as today is D-Day on the Boehner plan. The last of this week's bond auction trifecta comes to a close with an auction of 7 Year bonds. Unless there is an imminent debt ceiling hike this could be the last bond auction for a long, long time.
 
8:30: Jobless claims (Week of July 23): Upside risks. For the last two weeks, initial jobless claims figures have been challenging to interpret due to seasonal adjustment issues in the vehicle sector (in early July manufacturers retool plants for the new model-year vehicles and temporarily layoff workers). This week, these seasonal adjustment distortions could lead to higher jobless claims on a seasonally-adjusted basis. Goldman sees upside risks to the consensus forecast.
Consensus:  415,000; Last: 418,000. MAP: 2
 
10:00: Pending home sales (June): Another drop? The pending home sales index – which tracks signed home sales contracts, and leads the official count of existing home sales by 1-2 months – rose by 8% in May after an 11% drop in April. The consensus expects a small setback (-2%) in this month’s report. Mortgage purchase application volumes have also remained very weak, consistent with a soft pending home sales reading.
Consensus: -2.0%; Last +8.2%. MAP: 2

11:00: Treasury will announce a projected $59.0 billion of 3- and 6-month bills

12:45: Richmond Fed President Jeffrey Lacker on the economy.

13:00: Treasury will auction a $29.0 billion 7-year note to raise all new cash.

14:30: San Francisco Fed President John Williams to community bankers.

From Goldman, Stone McCarthy and ZH

 

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Thu, 07/28/2011 - 08:04 | 1500602 slaughterer
slaughterer's picture

How is Boehner D-Day scheduled?  When are the probable times for headline releases from DC?

Thu, 07/28/2011 - 08:11 | 1500610 Cash_is_Trash
Cash_is_Trash's picture

San Francisco Fed President John Williams

I want to see John Williams of ShadowStats.com instead, not the fucker above.

Thu, 07/28/2011 - 08:12 | 1500612 youngman
youngman's picture

another successful Bond auction....its a fact...where are the bond vigilantes????? where o where

Thu, 07/28/2011 - 08:15 | 1500616 Re-Discovery
Re-Discovery's picture

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When a Grizzly spotted an elk to go after, it began its charge.  Full grown adult Grizzly Bears are 700-900 pounds and run up to 30 miles an hour.  Quite an impressive sight.

But the Elk didn't budge.  As the Grizz got closer and closer, the Elk continued chewing their cud.  Finally, as the Grizz was within a few yards the Elk all turned their heads towards the charging Grizz. Still not moving.

Then  . . . Wham . . . the Grizz tackles and devours the largest male Elk, while the rest of the Elk watched in horror and . . . started running like hell to get away from the Grizz.

Over generations, the herd had lost all of its collective memory of what a Grizzly Bear was.  Therefore, losing all of its natural flight instincts in the face of a Grizzly threat.

The ecologists witnessed this time and again as the Grizz met new unsuspecting local Elk herds.

An analogous situatioin playing out right now in our markets and society.

(By the way, the ecologists came back the next year to observe Grizzly/Elk interaction.  This time, when Elk even smelled a Grizzly, they ran like hell.)

 

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karmete's picture

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