Dan Celia: The July Consumer Confidence Index
PHILADELPHIA—Nationally syndicated host and biblical investing authority Dan Celia analyzed the financial trends of the month, as well as touched on the housing market, Federal Reserve meetings, and consumer spending.
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“Well, it’s certainly going to be an interesting week this week,” Celia commented. “We’ll see how things play out. We have a lot of economic data coming out and we are going to be starting off the week with new home sales. It’s expected to be down a little bit for the month of June. We also get durable goods orders. That’s an important number that’s also expected to be down for the month of June.
The July Consumer Confidence Index
Celia continues, “We also get The July Consumer Confidence Index. This is the index that I like the most that comes out on a regular basis. The numbers are expected to be down, which is not a good thing for the month of July. Nonetheless, we will see what that looks like. Federal Reserve Chair Jerome Powell will be holding a press conference on Wednesday. Everybody’s going to be waiting to hear what they have to offer about the economy, interest rates, and inflation.
“Of course, we get initial jobless claims as usual. That’s expected to be below 400, in the 380 range. This is last week’s number. Pending home sales come out now, and GDP for the second quarter will be coming out as expected around eight and a half percent. I wouldn’t be surprised to see consumer spending down for June, even though it’s expected to be up slightly. There’s also a consumer sentiment number coming out by the University of Michigan which is expected to be down. And I have to believe that this will be the week that earnings come more into focus.”
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