Economic Calendar - June 18 – 22, 2007

Consensus Prior
Monday, 6/18
June NAHB Housing Market Index 30 30
May’s level fell back to September’s cycle low of 30
Rising mortgage rates reduce affordability, as do subprime woes
Range is zero to 100, with zero indicating all builders view conditions as poor, and 100 indicating all builders see potential as good

Tuesday, 6/19
May Housing Starts 1480k 1528k
3.3% drop anticipated following declines in building permits Large supply of new homes for sale precludes fast recovery
Vacancy rates at record levels

May Building Permits 1480k 1457k
1.6% increase expected
Building permits fell a revised 7% in April to a decade low
Cancellation rates remain high

Boston Fed President Minehan speaks on “Labor Supply in the New Century”

Greenspan speaks on “Corruption in the Financial World”

Wednesday, 6/20
Mortgage Applications +6.6%
Seeing a last surge as interest rates move rapidly higher

Treasury Secretary Paulson testifies to House Financial Services Committee on the International Financial System

San Francisco Fed President Yellen and NY Fed President Geithner at SF Fed Conference on “Trends in the Asian Financial Sector”

Dallas Fed President Fisher speaks on the Regional Economy and the Fed

Thursday, 6/21
Initial Jobless Claims 310k 311k
Expected to hold steady at 4-week average of 311k

May Leading Indicators +.2% -.5%
Improvement expected from lower jobless claims and rising equity prices
Weakness expected from lower manufacturing hours
Likelihood of a recession is below 20%

June Philadelphia Fed 6.5 4.2
Pennsylvania, Delaware, and NJ are expected to rebound more slowly than the nation as a whole, with modest growth in June

Federal Reserve Advisory Council holds meetings on the Truth in Lending Act and the Home Ownership Equity Protection Act

Friday, 6/22
No Data

Cleveland Fed President Pianalto speaks at Fed’s 2007 Community Development Summit on “Partnering for Success”