A brief excerpt from a note by Goldman Sachs economists Daan Struyven and Marty Young:
Without consideration of tax reform, we would be constructive on US house prices. Taking tax reform into account, we expect house price appreciation to decelerate from last year’s strong 6%. We still look for homeownership rates and single-family starts to grow but see some modest downside risk from tax reform.
Thursday:
• At 8:15 AM, The ADP Employment Report for December. This report is for private payrolls only (no government). The consensus is for 185,000 payroll jobs added in December, down from 190,000 added in November.
• At 8:30 AM, The initial weekly unemployment claims report will be released. The consensus is for 240 thousand initial claims, down from 245 thousand the previous week.
• Early, Reis Q4 2017 Mall Survey of rents and vacancy rates.