Monday, June 25, 2007

Economic Preview: New Home Sales And Consumer Confidence Due Out Tuesday, Monday, June 25, 2007 3:57:32 PM

A couple closely-watched economic reports are due out on Tuesday, as traders continue to wait for the Federal Reserve announcement due out later in the week. Tuesday`s data will provide further information about the housing market, as well as give statistics about consumer confidence.

At 10 am Eastern Time, the government will issue statistics about sales of newly-built homes. Economists expect the measure to edge down in May compared to the annual rate of 981,000 units recorded for the previous month. On Monday, an industry report showed that sales of previously-owned homes slipped 0.3% in May to reach a pace of 5.99 million units.

At the same time, a research firm known as the Conference Board is scheduled to give results of its monthly consumer confidence survey. Economists expect the report`s main index to moderate in June following an increase to 108 during the previous month. The Conference Board`s report will be the first important measure of consumer attitudes to be announced this week. On Friday, the University of Michigan`s consumer sentiment index will be announced.
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