Schedule for Week of June 12, 2022

The key reports this week are May Retail sales and Housing Starts.

For manufacturing, Industrial Production, and the NY and Philly Fed manufacturing surveys, will be released this week.

The FOMC meets this week, and they are expected to raise rates 50bp.

----- Monday, June 13th -----
No major economic releases scheduled.

----- Tuesday, June 14th -----
6:00 AM ET: NFIB Small Business Optimism Index for May.

8:30 AM: The Producer Price Index for May from the BLS. The consensus is for a 0.8% increase in PPI, and a 0.6% increase in core PPI.

----- Wednesday, June 15th -----
7:00 AM ET: The Mortgage Bankers Association (MBA) will release the results for the mortgage purchase applications index.

8:30 AM: Retail sales for May is scheduled to be released.  The consensus is for a 0.2% increase in retail sales.

This graph shows retail sales since 1992. This is monthly retail sales and food service, seasonally adjusted (total and ex-gasoline). 

8:30 AM: The New York Fed Empire State manufacturing survey for June. The consensus is for a reading of 4.5, up from -11.6.

10:00 AM: The June NAHB homebuilder survey. The consensus is for a reading of 68, down from 69 last month. Any number below 50 indicates that more builders view sales conditions as poor than good.

2:00 PM: FOMC Meeting Announcement. The FOMC is expected to raise the Fed Funds rate by 50bp at this meeting.

2:00 PM: FOMC Forecasts This will include the Federal Open Market Committee (FOMC) participants' projections of the appropriate target federal funds rate along with the quarterly economic projections.

2:30 PM: Fed Chair Jerome Powell holds a press briefing following the FOMC announcement.

----- Thursday, June 16th -----
8:30 AM: The initial weekly unemployment claims report will be released.  The consensus is for 215 thousand down from 229 thousand last week.

8:30 AM ET: Housing Starts for May.

This graph shows single and total housing starts since 1968.

The consensus is for 1.700 million SAAR, down from 1.724 million SAAR in April.

8:30 AM: the Philly Fed manufacturing survey for June. The consensus is for a reading of 5.3, up from 2.6.

----- Friday, June 17th -----
9:15 AM: The Fed will release Industrial Production and Capacity Utilization for May.

This graph shows industrial production since 1967.

The consensus is for a 0.4% increase in Industrial Production, and for Capacity Utilization to increase to 79.2%.

10:00 AM: State Employment and Unemployment (Monthly) for May 2022