This week: Consumer confidence; 2nd quarter GDP growth; consumer price inflation
The Conference Board issues its monthly index of U.S. consumer confidence Tuesday
A look at some of the key business events and economic indicators upcoming this week.
Confidence boost
The Conference Board issues its monthly index of U.S. consumer confidence Tuesday.
Economists expect the August reading rose to 101.8. A reading of 90 or better reflects a healthy economy. The index is watched to see how consumers are withstanding inflation and their outlook on the economy.
Consumer confidence, by month:
March 103.1
April 97.5
May 101.3
June 97.8
July 100.3
Aug. (est.) 101.8
Source: FactSet.
Economic growth
The Commerce Department delivers an updated estimate of second-quarter U.S. economic growth Thursday.
Economists predict the economy grew at a 2.8% seasonally adjusted annual pace from April through June. That follows a 1.4% annual growth pace in the first quarter, the slowest since spring 2022.
GDP, percent change, seasonally adjusted annual rate, by quarter:
Q1 2023: 2.2
Q2 2023: 2.1
Q3 2023: 4.9
Q4 2023: 3.4
Q1 2024: 1.4
Q2 2024: 2.8
Source: FactSet
Inflation update
The Commerce Department releases its latest assessment of consumer spending and inflation Friday.
Analysts forecast that year-over-year inflation rose 2.5% in July. The report is closely monitored by the Federal Reserve, which has raised interest rates to their highest levels in 22 years in an effort to tame four-decade high inflation. The central bank is trying to bring inflation back down to its target of 2%.
PCE Deflator, annual percent change, seasonally adjusted:
Feb. 2.5
March 2.7
April 2.7
May 2.6
June 2.5
July (est.) 2.5
Source: FactSet
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