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Two Big Economic Datapoints Are Coming Out Today

Joe WeisenthalJul 30, 2013, 14:39 IST

REUTERS/Eric ThayerThere's a ton of economic news this week, and that gets started today.

Calculated Risk has the two big datapoints coming out today.

• At 9:00 AM ET, S&P/Case-Shiller House Price Index for May. Although this is the May report, it is really a 3 month average of March, April and May. The consensus is for a 12.3% year-over-year increase in the Composite 20 index (NSA) for May. The Zillow forecast is for the Composite 20 to increase 12.1% year-over-year, and for prices to increase 1.3% month-to-month seasonally adjusted.

• At 10:00 AM, the Conference Board's consumer confidence index for July. The consensus is for the index to decrease to 81.0 from 81.4

Both should be interesting. The housing number is obviously a crucial part of the story. Meanwhile, there are a lot of conflicting signals about consumer confidence. On the one hand, you have surveys indicating the highest levels in years. On the other hand, there are all these "falling behind", "part-time nation" type stories showing consumers in a state of ongoing distress.