Over the past few months the housing market has solidified as low mortgage rates have brought buyers back to the market, however, inventory remains low. The week ahead will provide us with more information regarding the housing market turnaround. Additionally, we will receive the initial flash PMIs on the manufacturing and services sectors. Markets have priced in weak manufacturing numbers, however, if there is a bad miss on the downside, markets could react negatively.
We are near the third quarter earnings cycle finish line, which has been better-than-expected to this point. The upcoming week is headlined by retailers, which will be widely watched. The economic expansion has been shouldered by the consumer, and in order for the expansion to continue, the consumer will need to continue to spend. We will find out if these brick-and-mortar retailers have capitalized on the strong consumer, what challenges they face with six less shopping days during the shopping season, and if they provide any insight on consumer spending trends moving forward.
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