ECONOMIC CALENDAR FOR THE WEEK AHEAD

The upcoming week, December 30, 2024, to January 5, 2025, features several significant economic events and data releases, despite the holiday-shortened schedule. Here's an overview of key dates and reports to watch:

Monday, December 30:

• Pending Home Sales Index for November (U.S.): The National Association of Realtors will release this forward-looking indicator based on contract signings. The index is expected to increase by 7.9% year-over-year, indicating potential growth in the housing market.

• Chicago Business Barometer for December (U.S.): Also known as the Chicago PMI, this index measures business conditions in the Chicago area. The consensus estimate is a reading of 42.8, up from 40.2 in November, suggesting a slight improvement but still indicating contraction.

Tuesday, December 31:

• S&P CoreLogic Case-Shiller National Home Price Index for October (U.S.): This report provides data on home price changes across the U.S. In September, home prices rose by 3.89% year-over-year, marking the seventh consecutive month of decelerating growth.

Wednesday, January 1:

• New Year's Day Holiday: U.S. stock and bond markets will be closed in observance of the holiday.

Thursday, January 2:

• Construction Spending for November (U.S.): The Census Bureau will report on construction spending, with expectations of a 0.3% month-over-month increase to a seasonally adjusted annual rate of $2.18 trillion.

• Weekly Initial Jobless Claims (U.S.): The Labor Department will release its report on new unemployment benefit claims, an indicator of layoffs. As of December 20, claims remained steady at a seasonally adjusted 219,000.

Friday, January 3:

• ISM Manufacturing Purchasing Managers' Index for December (U.S.): This index reflects manufacturing sector activity. Economists forecast a reading of 48.3, roughly even with November's data, indicating continued contraction in the manufacturing sector.

• Richmond Federal Reserve President Tom Barkin Speech: President Barkin is scheduled to speak to the Maryland Bankers Association, potentially providing insights into future monetary policy.

Please note that no major companies are scheduled to report earnings during this week. The fourth-quarter earnings season is set to commence on January 15, with reports from financial institutions like JPMorgan Chase, Citigroup, and Wells Fargo.