There were several economic reports for investors to sift through last week. Consumer prices were flat in June as gas prices dropped.
We received mixed news on housing as housing statistics rose 6.9 percent in June to its highest pace in nearly four years, but building permits — a gauge of future building activity — fell by 3.7 percent. New claims for jobless benefits rose by 34-thousand to 386-thousand driven by temporary layoffs in the auto sector.
In the week ahead, we expect earnings reports from Apple, McDonald’s and U P S as well data on GDP, housing and consumer sentiment. We’ll gain insight on the economy with the preliminary estimate of second quarter GDP which looks at all the goods and services produced from April thru June. During the first quarter the economy grew by 1. 9 percent — much slower than the previous quarter.
We’ll get a read on housing with the June new home sales report. In May sales rose 7 point 6 percent — its highest level in a year due to strong sales in the northeast and the south. The median price of a home also increased 5.6 percent to $234,500.
And we’ll check the pulse of consumer with the final consumer sentiment report for July. Earlier in the month sentiment declined to a 72 reading — its lowest level in seven months — as consumers worried about their wages and job growth. Sentiment is a gauge of consumer spending.
That’s your CNBC market look ahead for the grio.com.