A look at some of the key business events and economic indicators upcoming this week:
CONSTRUCTION BELLWETHER
The Commerce Department reports its monthly tally of U.S. construction spending Monday.
Construction spending has been mostly rising on a monthly basis this year after mostly declining in the back half of 2022. Spending rose 0.7% in July from the previous month, thanks in part to increased spending on single-family homes. Economists predict construction spending rose 0.5% in August.
Construction spending, monthly percent change, seasonally adjusted:
March 0.6
April 0.3
May 2.0
June 0.6
July 0.7
Aug. (est.) 0.5
Source: FactSet
OUT OF BALANCE
The Commerce Department delivers its monthly snapshot of the nation’s trade gap Thursday.
The gap between the value of goods and services the U.S. sells abroad and what it buys widened in July to $65 billion from $63.7 billion the previous month. Demand for cell phones and other items helped lift imports 1.7%, while exports rose 1.6%, amid demand for cars, trucks, semiconductors and crude oil, among other goods. Economists predict the U.S. trade gap widened slightly to $65.2 billion in August.
Trade balance, monthly, billions of dollars, seasonally adjusted:
March -60.4
April -73.0
May -66.8
June -63.7
July -65.0
Aug. (est.) -65.2
Source: FactSet
ALL ABOUT JOBS
The Labor Department releases its September report of hiring by nonfarm U.S. employers Friday.
U.S. employers added 187,000 jobs in August, evidence of a slowing but still-resilient labor market despite the high interest rates the Federal Reserve has imposed. The unemployment rate rose to 3.8%, the highest level since February 2022, though still low by historical standards. Economists are forecasting that the U.S. economy added 155,000 jobs in September.
Nonfarm payrolls, monthly change, seasonally adjusted:
April 217,000
May 281,000
June 105,000
July 157,000
Aug. 187,000
Sept. (est.) 155,000
Source: FactSet
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