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Household income in the US rose 0.6% in January, the largest increase in 11 months, while spending rose 0.2%, according to the Commerce Department’s report on Friday. Meanwhile, the Federal Reserve’s preferred metric for gauging inflation rose 1.6% in the 12 months through January, falling short of the Fed’s target range of 2%.

Orders for durable goods in US factories dipped in January following strong growth the month before. According to the Commerce Department, January orders drawn lower by reduced demand for cars, auto parts, and military aircraft.

The number of Americans filing for unemployment benefits increased more than expected last week. Claims rose to 219,000 for the week ended February 22 according to the Labor Department, above expectations of 212,000. The figures are still in line with those of a healthy labor market.

The US economy grew moderately in Q4 2019, with the government confirming a reading of 2.1% annualized growth from October to December. The reading matched an earlier estimate, bringing total GDP for 2019 to 2.3%, missing the Trump administration’s target of 3%.

The Richmond Fed manufacturing index saw a major drop in February, diving from 20 points to -2 vs. 10 points expected. The reading comes after January unexpectedly rose from -5 to 20. As a measurement of business activity in the region, the survey may indicate that the January surge was anomalous, with a dearth of new orders pulling the numbers back down in February.

Home prices rose 3.8% in the 12 months through December, according to the S&P CoreLogic Case-Shiller National Home Price Index. The gains in December followed a 3.5% increase in the 12 months through December as home prices heated up toward the end of 2019.

Good morning, traders. Welcome to our preview of the economic calendar this week, with a focus on the data and news stories that could have the greatest impact on gold, the US Dollar, and correlated assets.

Happy Friday, traders. Welcome to our weekly market wrap, with a focus on the economic data and market narratives that mattered the most for gold, the Dollar, and related assets.

The latest report from the National Association of Realtors (NAR) indicated a 1.3% drop in existing home sales for the month of January, with sales falling to a seasonally adjusted annual rate of 5.46 million units. While sales dropped, they were higher than expected, with a 1.8% to 5.43 million units drop initially forecast.

The IHS Markit’s manufacturing PMI fell to 50.8 vs. 51.9 in January, failing to reach the 51.5 reading forecast by the market. The services and composite PMIs fell below 50 to contraction territory, with services posting the lowest reading in six years.

Initial claims for state unemployment benefits rose from 206,000 to 210,000 for the week ended February 15, according to the Labor Department. Data for the previous week was revised upward by 1,000 claims. Overall, the labor market appears to be in good health, with low layoffs nationwide following increased hiring last month.

The Philadelphia Federal Reserve manufacturing index rose 20 points to 36.7 during February, beating the expected reading of just 10 points. The index measures business conditions in the region, and points to renewed strength for Q1 2020 following a year of weak results.