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The employment calendar is in short supply again this week, at a quiet time between seasons of employment. The number of major reporting companies includes
Adobe
and
GameStop
on tuesday
General Mills
on Wednesday, and
Darden Restaurants
on Thursday. Unilever and
Honeywell
International hosts investment events on Mondays and Thursdays, respectively. And shareholders of
Huntington Bancshares
and
ICT Finance
The companies will vote on the proposed merger on Thursday.
Economic data out this week includes the Census Bureau’s February durable goods report – seen as a proven substitute for business investment – and
IHS Markit‘s
Manufacturing and Services Purchasing Managers Index for March, all Wednesday. On Friday, the Bureau of Economic Analysis will report on personal income and spending data for February. The Federal Reserve’s favorite inflation measure, the personal spending spending price index for February, will be out on Friday.
Other calls include home sales data held by the National Association of Realtors for February Monday and the Account Bureau’s new single-family home sale for February on Tuesday. Last Thursday, the Bureau of Economic Analysis’s third and final estimate for the fourth quarter of 2020 GDP is expected to remain unchanged from its second estimate at the end of February, at an annual growth rate of 4.1%.
Monday 3/22
The National Society of Realtors report on existing home sales for February. A consensus estimate for a quarterly adjusted annual rate of 6.55 million homes sold, slightly lower than the January data. The current median home sale price was $ 303,900 in January, up 14.1% year-over-year, as housing investment hit its lowest level.
The Federal Reserve Bank of Chicago will release their national activity index for February. Economists are forecasting a reading of 0.68, around even by 0.66 in January. A positive reading shows that the economy is growing faster than historical trends.
Unilever hosting investor presentation to discuss its U.S. activity.
Tuesday 3/23
Adobe, IHS Markit, and GameStop reporting quarterly results.
Census Bureau reports on the sale of a new single family home in February. An annual rate of 900,000 homes is expected to be sold each quarter, slightly lower than the January figure. New home sales are just near the post-crisis financial crisis set in July last year.
Wednesday 3/24
General Mills Distributions fiscal earnings third quarter.
Census Bureau releases the stable goods report for February. The consensus call is for new orders of manufactured sustainable products to rise 0.5% month-on-month to $ 258 billion. Without transportation, new orders are seen gaining 0.5%. This compares with increases of 3.4% and 1.3%, respectively, in January.
IHS Markit released both Manufacturing Purchasing Managers and Services index for March. Economists are forecasting a reading of 58.8 for the manufacturing PMI and a reading of 59.8 for the Services PMI, both similar to the February data. Last month, the complex reading for both PMI hit a six-year high.
Thursday 3/25
Bureau of Economy Analysis reports the third and final estimate for fourth quarter 2020 GDP. Economists are forecasting an annual growth rate of 4.1%, unchanged from the second BEA estimate, published in late February.
Honeywell International holds a webcast to discuss its sustainability initiatives.
Huntington Bancshares and TCF Financial will hold special shareholder meetings to get approval for the $ 6 billion merger, first announced in December. The company would collectively become one of the 10 largest regional banks in the US
Friday 3/26
Bureau of Economy Analysis reports personal income and expenditure data for February. Revenue is expected to decline 7.5% month-over-month, compared to a 10% jump in January. Consumption is expected to be flat, after rising 2.4% previously. The Index of Personal Expenditure, the Federal Reserve’s preferred inflation measure, is seen rising 1.5% year-over-year, according to January data.
Write to Nicholas Jasinski at [email protected]