WHAT: Standard & Poors Case-Shiller Home Price Index, February
WHEN: Tuesday 0900 EDT (1300 GMT)
FORECASTS (pct) Reuters IFR Previous HPI, 20 city, unadjusted -1.0 -1.0 -1.0 HPI, 20 city, year/year -3.3 -3.2 -3.1 HPI, 20 city, adjusted -0.3 -0.2 -0.2
IFR COMMENTARY: 'February should see the yr/yr pace for the 20 City S&P Case-Shiller house price index slip to -3.2% from -3.1%. On the month the outcomes should be exactly the same as in January, with a 0.2% decline seasonally adjusted and a steeper 1.0% decline unadjusted. January saw the seventh straight seasonally adjusted decline, a negative string that commenced when the housing market lost the support of a tax credit for buyers. January's decline was the smallest of those declines, a sign that the impact of the loss of government support is fading. However, with February home sales data having looked very weak both in terms of sales and prices we do not look for January's improvement to extend towards a neutral adjusted monthly pace.'
WHAT: Conference Board Index of Consumer Confidence, April WHEN: Tuesday 1000 EDT (1400 GMT)
FORECASTS (pct) Reuters IFR Previous CCI 64.5 66.5 63.4
IFR COMMENTARY: 'April consumer confidence as measured by the Conference Board should rise to 66.5 from 63.4, a partial correction after a steep March dip from February's 72.0 reading. Most consumer surveys have seen some correction after that decline, which was probably led by higher gasoline prices, though the IBD/TIPP index was an exception, perhaps due to its sensitivity to Federal policy with a government shutdown threatened. The rebound in the Michigan CSI, by 2.1 points after a 10 point March plunge was modest, showing gasoline prices continued to weigh. The Conference Board index, a little more sensitive to employment, may see a slightly stronger recovery. Employment gains should allow the present situation index to continue its recovery, by 1.6 points to 38.5, while expectations with a rise to 85.0 from 81.1 should retrace around a quarter of March's loss, consistent with their Michigan CSI counterpart. The 1-year inflation expectation should remain at March's 6.7% pace, well ahead of February's 5.6%. Inflation expectations were stable at a higher level in the Michigan CSI survey on a 1-year view, but did reverse a March uptick on a 5-year view, which the Conference Board survey does not provide.'
WHAT: Federal Reserve Bank of Richmond Manufacturing and Services Indexes, April WHEN: Tuesday 1000 EDT (1400 GMT)
NO FORECASTS
IFR COMMENTARY: 'The Richmond Fed's manufacturing survey has been fairly consistent over the last few months, holding in a range from +18 to +25, and should remain strong in April. The manufacturing sector nationwide has shown a fairly quick return to early-recovery growth rates or better since last year's spring and summer soft patch.
The Richmond services survey has also been fairly stable, with the overall revenues index reading +12, +11, and +14 from January to March, and the number of employees index ticking from +9 to +10, then down to +8. Though the Richmond district is a small piece of the overall puzzle, it will be interesting to see as it provides one of the few service industry indicators to come out before the month's employment report.'
For more Reuters consensus forecasts for U.S. indicators, double-click on
-- by Theodore Littleton and David Sloan of IFR Markets, a unit of Thomson Reuters.
((--Reuters Economics and Markets desk, +1 212 646 6300))
Keywords: IFR PREVIEW/USA (Washington newsroom, 202 898 8318) COPYRIGHT Copyright Thomson Reuters 2011. All rights reserved. The copying, republication or redistribution of Reuters News Content, including by framing or similar means, is expressly prohibited without the prior written consent of Thomson Reuters.
FORECASTS (pct) Reuters IFR Previous HPI, 20 city, unadjusted -1.0 -1.0 -1.0 HPI, 20 city, year/year -3.3 -3.2 -3.1 HPI, 20 city, adjusted -0.3 -0.2 -0.2
IFR COMMENTARY: 'February should see the yr/yr pace for the 20 City S&P Case-Shiller house price index slip to -3.2% from -3.1%. On the month the outcomes should be exactly the same as in January, with a 0.2% decline seasonally adjusted and a steeper 1.0% decline unadjusted. January saw the seventh straight seasonally adjusted decline, a negative string that commenced when the housing market lost the support of a tax credit for buyers. January's decline was the smallest of those declines, a sign that the impact of the loss of government support is fading. However, with February home sales data having looked very weak both in terms of sales and prices we do not look for January's improvement to extend towards a neutral adjusted monthly pace.'
WHAT: Conference Board Index of Consumer Confidence, April WHEN: Tuesday 1000 EDT (1400 GMT)
FORECASTS (pct) Reuters IFR Previous CCI 64.5 66.5 63.4
IFR COMMENTARY: 'April consumer confidence as measured by the Conference Board should rise to 66.5 from 63.4, a partial correction after a steep March dip from February's 72.0 reading. Most consumer surveys have seen some correction after that decline, which was probably led by higher gasoline prices, though the IBD/TIPP index was an exception, perhaps due to its sensitivity to Federal policy with a government shutdown threatened. The rebound in the Michigan CSI, by 2.1 points after a 10 point March plunge was modest, showing gasoline prices continued to weigh. The Conference Board index, a little more sensitive to employment, may see a slightly stronger recovery. Employment gains should allow the present situation index to continue its recovery, by 1.6 points to 38.5, while expectations with a rise to 85.0 from 81.1 should retrace around a quarter of March's loss, consistent with their Michigan CSI counterpart. The 1-year inflation expectation should remain at March's 6.7% pace, well ahead of February's 5.6%. Inflation expectations were stable at a higher level in the Michigan CSI survey on a 1-year view, but did reverse a March uptick on a 5-year view, which the Conference Board survey does not provide.'
WHAT: Federal Reserve Bank of Richmond Manufacturing and Services Indexes, April WHEN: Tuesday 1000 EDT (1400 GMT)
NO FORECASTS
IFR COMMENTARY: 'The Richmond Fed's manufacturing survey has been fairly consistent over the last few months, holding in a range from +18 to +25, and should remain strong in April. The manufacturing sector nationwide has shown a fairly quick return to early-recovery growth rates or better since last year's spring and summer soft patch.
The Richmond services survey has also been fairly stable, with the overall revenues index reading +12, +11, and +14 from January to March, and the number of employees index ticking from +9 to +10, then down to +8. Though the Richmond district is a small piece of the overall puzzle, it will be interesting to see as it provides one of the few service industry indicators to come out before the month's employment report.'
For more Reuters consensus forecasts for U.S. indicators, double-click on
-- by Theodore Littleton and David Sloan of IFR Markets, a unit of Thomson Reuters.
((--Reuters Economics and Markets desk, +1 212 646 6300))
Keywords: IFR PREVIEW/USA (Washington newsroom, 202 898 8318) COPYRIGHT Copyright Thomson Reuters 2011. All rights reserved. The copying, republication or redistribution of Reuters News Content, including by framing or similar means, is expressly prohibited without the prior written consent of Thomson Reuters.