TONS of Economic Reports this week!
This week has an enormous amount of economic releases! We start off Monday with a leading indicator report that will further detail the news of the imminent recession. We follow that up with Thursday and Friday being absolutely loaded with economic report after report. There is the durable goods report for December 2022. The current forecast for the durable goods month-over-month measure is 2.6%, a miss to the downside could be further evidence of economic slow down, i.e. a recession. Durable goods orders have been on the decline since January of 2021 with a belief that the decline is a result of a spike in durable goods orders in the previous year. The GDP growth rate is also reported on Thursday. This GDP report is the advance report for Q4 of 2022 and will be the next indicator of the state of economic growth. We will see from the advance GDP report whether the US economy has continued its growth trajectory, growing and slowing, or whether the trajectory has changed. We also get jobless claims on Thursday as well as new home sales data. This Thursday is also when we get advance Q4 PCE quarter over quarter measures. Friday will give us Personal Income and outlays that will further detail the tracked saving and spending behaviors of the consumers for December 2022. December 2022 PCE predictions sit at 0.3%, but could come in slightly cooler in relation to the CPI as seen earlier this month. Finally, consumer sentiment for January gets its final revision on Friday at 10 AM. We will see if there is any change in from mid-January's release.
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