It's A Big Week For Economic Data, And We Get Two Important Numbers Today

This week will be much more lively.

Of course, the big show is on Wednesday, when we get the latest announcement from the Federal Reserve, but there are going to be other notable datapoints throughout the week.

Today we get two important numbers.

From Calculated Risk:

• At 8:30 AM, the NY Fed Empire Manufacturing Survey for June will be released. The consensus is for a reading of 0.0, up from -1.4 in May (above zero is expansion).

• At 10:00 AM, the June NAHB homebuilder survey will be released. The consensus is for a reading of 45, up from 44 in May. This index increased sharply last year, but has moved sideways recently with some builders.

Both numbers are interesting.

A string of data have suggested that the manufacturing side of the US economy is lagging, so the Empire survey will be important on that front. And then housing is key. The entire bull case on the US economy rests on housing continuing to improve (both in terms of prices and housing starts/construction) so the latest gauge from the homebuilders will be key.