Economists at TD Securities (TDS) take note of the significant US economic data due for release later this week.

Key quotes

“The focus this week will shift to activity indicators as market participants continue to contrast a high-inflation profile against signs of slowing economic activity. We look for the Philly Fed to register a rebound and for the PMIs to arrest their recent declines.”

“While business surveys might provide a glimmer of hope regarding the broad momentum of economic activity, the housing market is likely to continue offering signs of rolling over. In particular, we forecast existing home sales to have dropped markedly in June.”

“Jobless claims data are yet to show any signs of weakening in the labor market. We look for the data out this week to continue to lend credence to that view.”