A look at some of the key business events and economic indicators upcoming this week:
CONFIDENCE WANING?
The Conference Board issues its latest monthly index of U.S. consumer confidence Tuesday.
Economists project that this month’s index slipped to 124 from a reading of 129.1 in July. That would mark the first monthly drop in the index since December. A reading of 90 or better reflects a healthy economy. The index can provide clues about consumer spending, which accounts for 70% of economic activity.
Consumer confidence, by month:
March 114.9
April 117.5
May 120.0
June 128.9
July 129.1
Aug. (est.) 124.0
Source: FactSet
EYE ON HOUSING
Economists project that U.S. construction spending rose in July for the second month in a row.
The Commerce Department is expected to report Wednesday that spending increased 0.4% last month. That would follow an increase of 0.1% in June and drop of 0.2% in May, as single-family home construction rose, while spending on apartments and other multifamily developments was flat. While demand for new homes remains strong, supply chain disruptions and rising costs have led many builders to limit some sales.
Construction spending, monthly percent change, seasonally adjusted:
Feb. -1.1
March 1.0
April 0.3
May -0.2
June 0.1
July (est.) 0.4
Source: FactSet
ALL ABOUT JOBS
Economists predict hiring in the U.S. slowed this month for the first time since April.
They expect the Labor Department will report Friday that nonfarm employers added 800,000 jobs in August. That would follow three straight months of increases as employers seized upon an easing of pandemic-related restrictions and more consumer demand for goods and services. In recent weeks, however, the fast-spreading delta variant has stoked concern about another round of shutdowns or other restrictions.
Nonfarm payrolls, monthly change, seasonally adjusted:
March 785,000
April 269,000
May 614,000
June 938,000
July 943,000
Aug. (est.) 800,000
Source: FactSet