What to Look Out for in Economic Data This Week (May…

What to Look Out for in Economic Data This Week (May 25-29)

The economic calendar is slow to start the holiday-shortened week. It picks up on Thursday with the release of the Federal Reserve's preferred inflation gauge and the second reading on first-quarter gross domestic product. Both will be key for new Fed Chair Kevin Warsh, who faces an uphill battle to lower interest rates.

Economic reports we're watching

Thursday, May 28: Personal Consumption Expenditures Price Index (PCE) and core PCE: Inflation is a hot topic these days and the April PCE data showed that the rate of price growth remains elevated.

Read on to see the entire weekly economic calendar of the most important upcoming economic reports scheduled to be released in the next several days. At times, we provide expanded previews and recaps for select reports.

Please check back often. This economic calendar is updated regularly. Bolded reports are those considered more noteworthy. All reporting times are in Eastern Time.

Monday (5/25)

Monday, May 25, is a stock market holiday with the equity and bond markets closed for Memorial Day. There are no economic reports scheduled for release.

Tuesday (5/26)

Noteworthy economic reports
Time released	Economic report	Period
9 am	S&P CoreLogic Case-Shiller Home Price Index	March
10 am	The Conference Board's Consumer Confidence Index	May

Wednesday (5/27)

Noteworthy economic reports
Time released	Economic report	Period
4 am	Dallas Fed President Lorie Logan speaks	N/A
8 pm	Fed Vice Chair Philip Jefferson speaks	N/A
10:25 pm	Chicago Fed President Austan Goolsbee speaks	N/A

Thursday (5/28)

Noteworthy economic reports
Time released	Economic report	Period
8:30 am	Weekly jobless claims	Week ending May 23
8:30 am	Personal Consumption Expenditures Price Index (PCE)	April
8:30 am	Core PCE	April
8:30 am	Gross domestic product (GDP)	Q1
8:30 am	Durable goods	April
8:30 am	Personal income and spending	April
8:55 am	New York Fed President John Williams speaks	N/A
10:00	New home sales	April

PCE shows inflation remains elevated

Inflation readings have come in higher than expected recently as the ongoing conflict in the Middle East keeps energy prices elevated.

"No matter how long the Iran war goes on, the economy is bound to suffer from it," write David Payne and Matthew Housiaux of The Kiplinger Letter. "How much and how severely depends on just how long the conflict continues to crimp key energy exports."

We got the latest inflation figures this Thursday with the release of the April PCE and core PCE.

Ahead of the open, the Bureau of Economic Analysis (BEA) said the PCE rose 0.4% from March to April and was 3.8% higher compared to the year prior. Core PCE, which excludes volatile food and energy prices, was up 0.2% month over month and 3.3% year over year.

The monthly readings came in below economists' expectations, though the annual increases remain well above the Federal Reserve's inflation target of 2%.

"Inflation pressures continue," says Adam Hetts, global head of Multi-Asset and portfolio manager at Janus Henderson Investors. "As year-on-year headline and core measures continue to read well into the 3% range, above the Fed's comfort zone, a critical factor in the forward path may well be the duration of elevated oil prices as the Middle East conflict continues."

Friday (5/29)

Noteworthy economic reports
Time released	Economic report	Period
6:50 am	Kansas City Fed President Jeffrey Schmid speaks	N/A
8:30 am	Trade balance	April
8:30 am	Wholesale inventories	April
9:10 am	Fed Governor Michelle Bowman speaks	N/A
9:15 am	Philadelphia Fed President Anna Paulson speaks	N/A
9:45 am	Chicago Purchasing Managers Index (PMI)	May