This Week: New home sales, Apple earns, consumer spending
The Commerce Department issues its September tally of new U.S. home sales Tuesday
A look at some of the key business events and economic indicators upcoming this week:
HOUSING MARKET BAROMETER
The Commerce Department serves up its September tally of new U.S. home sales Tuesday.
Economists project that sales picked up last month to a seasonally adjusted annual rate of 760,000 homes. Builders have benefited this year from strong demand amid a shortage of previously occupied homes for sale. At the same time, rising costs and shortages of building materials and labor have rippled through the construction industry.
New home sales, seasonally adjusted annual rate, by month:
April 796,000
May 733,000
June 685,000
July 729,000
Aug. 740,000
Sept. (est.) 760,000
Source: FactSet
ON A ROLL
Wall Street expects another strong quarterly report card from Apple.
Analysts predict the iPhone maker will report Thursday that its fiscal fourth-quarter earnings and revenue increased sharply from a year earlier. That would echo the company’s results in the previous three quarters. Last month, Apple unveiled its next iPhone lineup, including a model that offers twice the storage available in earlier versions and other modest upgrades to last year’s editions.
EYE ON CONSUMERS
The Commerce Department delivers its September snapshot of consumer spending Friday.
Growth in U.S. consumer spending has been uneven since surging 5.2% in March. Spending rose in April and June, but was little changed in May and July. It rose a healthy 0.8% in August despite a surge in COVID-19 cases. Since then, Americans have faced higher prices for food, gasoline and other goods amid a sharp increase in inflation.
Consumer spending, monthly percent change, seasonally adjusted:
March 5.2
April 1.0
May 0.0
June 1.1
July -0.1
Aug. 0.8
Source: FactSet
