This Week: Consumer confidence, GDP report, construction spending

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The Conference Board delivers 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 delivers its latest monthly snapshot of U.S. consumer confidence Tuesday.

Economists expect that Americans’ confidence waned this month. In January, the index rose to its highest level in two years. Consumer spending accounts for around 70% of U.S. economic activity, so economists pay close attention to gauge how it may affect the broader economy.

Consumer confidence, by month:

Sept. 104.3

Oct. 99.1

Nov. 101.0

Dec. 108.0

Jan. 114.8

Feb. (est.) 112.5

Source: FactSet

ECONOMIC BAROMETER

The Commerce Department on Wednesday releases its latest estimate of how the U.S. economy performed in the fourth quarter.

Economists expect growth in the final quarter of 2023 to have cooled from the previous quarter, due to higher borrowing rates on consumers and businesses. In the third quarter, Americans shrugged off higher interest rates, spending enough to help drive the economy to a brisk 4.9% annual pace from July through September.

GDP, seasonally adjusted annual rate, by quarter:

Q3 2022: 2.7%

Q4 2022: 2.6%

Q1 2023: 2.2%

Q2 2023: 2.1%

Q3 2023: 4.9%

Q4 2023 (est.): 2.8%

Source: FactSet

SPOTLIGHT ON CONSTRUCTION

The Commerce Department reports its latest monthly tally of U.S. construction spending Friday.

Analysts forecast that spending fell 0.3% in January. That would mark the smallest increase in more than a year. Construction spending in December was at a seasonally adjusted annual rate of roughly $2.1 billion, up 0.9% over November’s pace, reflecting increased spending on single-family homes.

Construction spending,