Category: Markets / Finance / April 22, 2013 4:13 PM EDT
Michael Guli, director at Knight Capital, weighs in on existing home sales data and the Chicago Fed's National Activity Index ahead of the highly anticipated release of U.S. first-quarter (Q1) gross domestic product (GDP) on April 26, 2013.
Existing home sales slipped 0.6 percent last month to a seasonally adjusted annual rate of 4.92 million units, the National Association of Realtors said on Monday.
The Chicago Fed's National Activity Index (CFNAI), a monthly index designed to gauge overall economic activity and related inflationary pressure, showed that economic activity was slower in March. The index slipped to -0.23 in March from 0.76 in February, while the more-representative three-month moving average fell to -0.01 from 0.12, its lowest level since October.
The CFNAI is a weighted average of 85 existing monthly indicators of national economic activity.