Global Economy Week Ahead: Europe PMI, U.S. Durable Goods, Jackson Hole

By WSJ Staff Features Dow Jones Newswires

This week, top central bankers including Federal Reserve Chairwoman Janet Yellen and European Central Bank President Mario Draghi will gather for the Jackson Hole economic symposium, and the eurozone will see data on manufacturing and consumer confidence.

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WEDNESDAY: The eurozone economy had a surprisingly strong first half of the year, and economists expect to see indications over the coming week that growth is continuing at only a slightly slower pace during the third quarter. IHS Markit's composite purchasing managers index for the currency area -- a measure of activity in the manufacturing and services sectors -- is forecast to fall a little in August, but remain close to the levels recorded in July.

On the same day, the European Commission will publish its measure of eurozone consumer confidence, which economists expect to remain close to July's level, only moderately down from second-quarter highs.

THURSDAY: The National Association of Realtors releases July existing-home sales. In June, sales of previously owned U.S. homes fell 1.8% to an annual rate of 5.52 million. Prices jumped as strong demand overwhelmed a pinched supply of available homes. July's figures will offer fresh insight into whether the tight supply of homes and rising prices are deterring prospective home buyers. Economists surveyed by The Wall Street Journal expect existing-home sales grew 0.7% in July.

Federal Reserve officials and other central bankers and economists from around the world gather Thursday through Saturday in Wyoming for the annual Jackson Hole symposium hosted by the Federal Reserve Bank of Kansas City. One focus will be Ms. Yellen's speech Friday morning on financial stability, which could be her last appearance at the event as Fed chairwoman. Mr. Draghi, the ECB chief, will speak Friday afternoon.

FRIDAY: The U.S. Commerce Department releases data on durable goods in July. June's report showed orders for big-ticket items like refrigerators grew 6.5% from a month earlier. Economists will be watching for signs of momentum in capital investment, given this year's booming stock market and strong business confidence. But economists surveyed by The Wall Street Journal expect durable-goods orders fell 6.1% in July.

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(END) Dow Jones Newswires

August 20, 2017 15:14 ET (19:14 GMT)