We're looking for one big one (Pending Home Sales) and one moderate one (first time jobless claims).
If you recall, last week we had surprisingly good first time jobless claims: only 407,000 people filed for unemployment insurance for the first time that week. This week, the analysts aren't so optimistic. Analysts are looking for a consensus average of 425,000 new claims (with a range of anywhere from 412k to 440k). That's not great, but it won't push the markets around the way tomorrow's employment situation report will.
Pending Home Sales? That's the big dog for the day. It's a measure of how many houses are due to be purchased, but have not yet been closed on. It's huge, for all the same reasons that existing home sales and new home sales are huge: trickle-down impact on the economy. Econoday doesn't have the consensus up yet, so I'm flying blind here, but September's index was down 1.8% to a level of 80.9.
I won't be back with timely commentary on the metrics today, due to a family emergency.
The Required Disclosures
The information presented in this blog and its individual articles is provided for informational use only and should not be considered investment advice or an offer for a particular security. The contents reflect the views and opinions of the individual writer as of the date the article was written and do not necessarily represent the views of the individual writer on the current date. They also do not in any way, shape, or form represent the views of the Firm Never-To-Be-Named. Any such views are subject to change at any time based upon market or other conditions and The Great Redoubt and its individual writers disclaim any responsibility to update such views. These views should not be relied on as investment advice, and because investment decisions for any security are based on numerous factors, may not be relied on as an indication of trading intent on behalf of any contributor to The Great Redoubt. Neither The Great Redoubt nor any individual author can be held responsible for any direct or incidental loss incurred by applying any of the information offered. Please consult your tax or financial advisor for additional information concerning your specific situation.