This week: Consumer confidence, Dick's Sporting Goods earnings and the latest US inflation reading
The Conference Board on Tuesday issues its consumer confidence index for May
A look at some of the key business events and economic indicators upcoming this week:
HOW CONFIDENT?
The Conference Board on Tuesday issues its consumer confidence index for May.
Confidence deteriorated in April for the third straight month as Americans fret about their short-term financial futures with prices and interest rates still elevated. The index measuring Americans’ short-term expectations for income, business and the job market tumbled to 66.4 from 74 last month. Analysts expect confidence dipped again this month.
Consumer confidence index, by month:
Dec.: 108.0
Jan.: 110.9
Feb.: 104.8
March: 103.1
April: 97.0
May (est.): 95.7
Source: FactSet
ON A ROLL
Dick's Sporting Goods releases its latest financial results before the bell Wednesday.
Analysts forecast Pennsylvania-based Dick's made $2.99 per share in the first quarter on $2.94 billion in sales. Dick's shares have been on a roll since last fall, gaining 86%. Dick's closed fiscal 2023 with its best sales quarter ever, taking in nearly $3.9 billion in revenue.
INFLATION UPDATE
The Commerce Department on Friday delivers its April data on U.S. consumer spending and inflation.
Analyst forecast that year-over-year inflation held steady at 2.7% from March to April. The report is closely monitored by the Federal Reserve, which raised interest rates to their highest levels in 22 years in an effort to tame four-decade high inflation.
PCE Deflator, annual percent change, seasonally adjusted:
Nov.: 2.7
Dec.: 2.6
Jan.: 2.4
Feb.: 2.5
March: 2.7
April (est.): 2.7
Source: FactSet
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