The Christmas holidays mean the UK and EU are unwilling to release major economic data this week, while the US only has a handful.
Tuesday, after Boxing Day, marks the start of any major data release in the United States, as the Housing Price Index is released. This is an important indicator because the housing market is seen as an important factor in the whole economy. Last month’s figure was lower than expected at 0.9%, but it had been trending downward since late July.
Sticking to the housing market, Wednesday brings pending home sales, which are expected to rise 0.6%. That being said, that number has been quite volatile in recent months. Either way, this will be a good indication of upcoming home sales, as the sale can be closed weeks after the contract is signed.
Thursday brings both the initial jobless claims and the Chicago Purchasing Managers Index. Many are hopeful that jobless claims continue to decline as the U.S. economy continues to recover from the pandemic. The PMI will be an important indication of overall business health in the United States and is expected to gain from the previous figure of 61.8, to 62.
Rest of the world
China has the only other major news across the globe this week, as it will release its manufacturing and non-manufacturing PMI on Friday, highlighting whether the backbone of China’s economy is expanding or shrinking.
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