US: Existing home sales, Philly Fed and jobless claims in focus - TDS

Research Team at BBH, suggests that after reaching a post-crisis high in May, the pace of existing home sales is expected to soften somewhat from 5.53m to 5.48m units.

Key Quotes

“TD is less cautious than consensus and forecasts a modest increase in existing home sales to an annualized 5.56m units. We are also above the market for the Philadelphia Fed Index to improve to 8.0 in July despite the disappointing read on Empire Manufacturing last week; the market consensus is for a roughly unchanged print of 4.8.

Jobless claims are expected to push higher following two weeks at 254k; the market consensus is for a 265k print while TD looks for 277k. Lastly, the FHFA HPI is forecast to increase by 0.3% m/m in May, slightly below the 0.4% consensus.”