A look at some of the key business events and economic indicators upcoming this week.
Retail receipts
The Commerce Department delivers its latest snapshot of U.S. retail sales Tuesday.
Americans stepped up their spending at retailers in July by the most in a year and a half. That eased some concerns that the economy might be weakening under the pressure of higher prices and elevated interest rates. Economists project that retail sales were flat in August.
Retail sales, monthly percent change, seasonally adjusted:
March: 0.5
April: -0.2
May: 0.2
June: -0.2
July: 1.0
Aug. (est.): 0.0
Source: FactSet.
Layoffs update
The government issues its latest tally today of new unemployment benefit claims, a proxy for layoffs, on Thursday.
Slightly more Americans filed for unemployment benefits last week, but layoffs remain at historically low levels despite two years of elevated interest rates. The job market has been cooling, but remains generally strong, as does the broader economy.
Initial jobless benefit claims, weekly, seasonally adjusted:
Aug. 2: 234,000
Aug. 9: 228,000
Aug. 16: 233,000
Aug. 23: 232,000
Aug. 30: 228,000
Sept. 7: 230,000
Source: FactSet.
Housing update
The National Association of Realtors gives its latest update on the nation’s homes sales on Thursday.
Economists project that sales of existing homes edged lower to 3.9 million in August. The housing market remains tight. Mortgage rates have been easing, but remain high. Buyers are still faced with a dearth of homes for sale and record-high prices.
Existing home sales, in millions, seasonally adjusted annual rate:
March: 4.22
April: 4.14
May: 4.11
June: 3.90
July: 3.95
Aug. (est.): 3.90
Source: FactSet.
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