This Week: Home prices, consumer spending, nonfarm payrolls
The Conference Board issues its latest monthly snapshot of U.S. consumer confidence Tuesday
A look at some of the key business events and economic indicators upcoming this week:
EYE ON CONSUMERS
The Conference Board serves up its latest monthly snapshot of U.S. consumer confidence Tuesday.
The New York research organization’s consumer confidence index fell to 84.8 in August, its lowest reading since May 2014, as a resurgence of coronavirus infections in many parts of the country heightened pessimism. The drop put the index 36% below its high point for the year reached in February, before the pandemic began to seriously impact the U.S. economy.
Consumer confidence, by month:
April 85.7
May 85.9
June 98.3
July 91.7
Aug. 84.8
Sept. (est.) 90.0
Source: FactSet
IN A SPENDING MOOD?
The Commerce Department issues its August tally of consumer spending Thursday.
Consumers have increased their spending after pulling back sharply in March and April as the pandemic led to millions of job losses and business closures. Consumer spending, the primary driver of the U.S. economy, climbed 1.9% in July. That followed increases of 8.6% in May and 6.2% in June. Economists project spending rose 0.8% in August.
Consumer spending, monthly percent change, seasonally adjusted:
March -6.7
April -12.9
May 8.6
June 6.2
July 1.9
Aug. (est.) 0.8
Source: FactSet
ALL ABOUT JOBS
Economists predict U.S. employers added the fewest jobs in September since hiring resumed in May.
They expect the Labor Department will report Friday that nonfarm employers added 870,000 jobs this month. That would be down from about 1.4 million jobs in August, when the national unemployment rate declined to 8.4% from 10.2%. As of August, the economy had recovered about half of the 22 million jobs lost to the pandemic.
Nonfarm payrolls, monthly change, seasonally adjusted:
April -20,787,000
May 2,725,000
June 4,781,000
July 1,734,000
Aug. 1,371,000
Sept. (est.) 870,000
Source: FactSet
