Credit Suisse Previews This Week's Key Economic Numbers

Credit Suisse Economics Research took a look ahead at this week's key data and economic numbers. The highlights are listed below, with their estimates and commentary.

Monday, June 22, 10:00 a.m. ET

"Existing Home Sales (May) Forecast: 5.20M (+3.2% MoM): We estimate existing home sales rebounded in May after a pullback in April. Pending home sales, a leading indicator of existing sales, rose to a cycle-high in April, suggesting a strong pipeline of nearly-completed transactions. There have been some indications of supply shortages, with properties selling very quickly (in an average of 39 days during April) and with a historically high percentage of properties (roughly 40%) selling at or above asking price."

Tuesday, June 23, 8:30 a.m.

"Durable Goods Orders (May) Forecast: -0.3% Ex-transportation: +0.5%: Durable goods orders probably fell again in May (we estimate by 0.3%) thanks to an expected decline in aircraft orders and sluggish orders for other types of transportation equipment. Excluding transportation, we estimate durable goods orders rose 0.5% in May."

10:00 a.m.

"New Home Sales (May) Forecast: 530K (+2.5% MoM): After a setback in February, new home sales appear to have regained their upward momentum. Sales of new homes probably rose to an annualized 530K pace in May, which would be the second highest level since April 2008."

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Wednesday, June 24, 8:30 a.m.

"Q1 GDP (3rd release) Forecast: -0.2%,GDP Deflator Forecast: -0.1%: We expect the third edition of real Q1 GDP growth to be revised to an annualized -0.2%, from the -0.7% currently on the books. Upward revisions to core retail sales and solid services spending data point to higher consumption growth. Looking ahead, our latest forecast for Q2 GDP growth is 2.8%."

Thursday, June 25, 8:30 a.m.

"Personal Income (May) Forecast: 0.4%,Personal Spending: 0.7%: Personal spending should record the best month in more than a year on the back of cycle high unit vehicle sales and strong core retail sales. Our 0.7% spending forecast surpasses our 0.4% projection for personal income, implying a decline in the personal savings rate (currently at an elevated 5.6%)."