This Week: Consumer confidence, new U.S. home sales, tracking GDP
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 CHECK
The Conference Board issues its monthly index of U.S. consumer confidence Tuesday.
Economists expect the September reading slipped from August. A reading of 90 or better reflects a healthy economy. The index measures Americans’ assessment of current economic conditions and their outlook for the next six months.
Consumer confidence, by month:
April 97.5
May 101.3
June 97.8
July 101.9
Aug. 103.3
Sept. (est.) 102.9
Source: FactSet.
HOUSING BAROMETER
The Commerce Department releases its latest snapshot of new U.S. home sales Wednesday.
Economists project that sales slowed last month. A recent pullback in mortgage rates ahead of the Federal Reserve’s pivot to cutting short-term rates has brightened the outlook for new home sales heading into next year.
New home sales, seasonally adjusted annual rate, by month:
March 683,000
April 736,000
May 666,000
June 668,000
July 739,000
Aug. (est.) 700,000
Source: FactSet
GROWTH SPURT?
The Commerce Department delivers its final estimate of second-quarter U.S. economic growth Thursday.
Economists predict that the economy expanded at a healthy 3% seasonally adjusted annual pace from April through June, fueled by strong consumer spending and business investment. That would follow a sluggish 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 (est.): 3.0
Source: FactSet
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