This Week: Home sales, Best Buy earns, consumer spending
A look at some of the key business events and economic indicators upcoming this week:
HOUSING MARKET BAROMETER
The National Association of Realtors reports its October tally of U.S. home sales Monday.
Economists predict sales of previously occupied U.S. homes eased to a seasonally adjusted annual rate of 6.2 million properties last month. That would represent a slightly slower pace than the 6.29 million reached in September, the strongest pace since January. A modest rise in mortgage rates has helped motivate buyers who can afford to purchase a home to get off the sidelines.
Existing home sales, in millions, seasonally adjusted annual rate:
Oct. (est.) 6.20
ANOTHER SOLID QUARTER?
Strong demand for consumer electronics during the pandemic has helped boost profits for Best Buy.
The retailer was somewhat insulated from the economic fallout last year because many people stuck at home stepped up spending on laptops and other technology. That pace has continued, driving annual earnings and revenue growth through the first half of this year. Did the trend continue in the third quarter? Find out Tuesday, when Best Buy serves up its latest quarterly report card.
IN A SPENDING MOOD
The Commerce Department issues its latest monthly snapshot of consumer spending Wednesday.
Economists project that U.S. consumer spending rose 1% last month, up from an increase of 0.6% in September. Growth in consumer spending has been uneven since surging 5.2% in March. Spending rose in April, June and August, but was little changed in May and July. Americans are facing higher prices for food, gasoline and other goods amid the highest inflation rate since 1990.
Consumer spending, monthly percent change, seasonally adjusted:
Oct. (est.) 1.0