This Week: Consumer confidence, Lowe’s earns, new home sales
A look at some of the key business events and economic indicators upcoming this week:
CONFIDENCE WANING?
The Conference Board delivers its latest monthly index of U.S. consumer confidence Tuesday.
Economists project the index, which takes into account consumers’ assessment of current conditions and the outlook for the future, declined to 109.5 this month from a reading of 113.8 in January. A reading of 90 or better reflects a healthy economy, suggesting consumer confidence remains high despite surging inflation.
Consumer confidence, by month:
Sept. 109.8
Oct. 111.6
Nov. 111.9
Dec. 115.2
Jan. 113.8
Feb. (est.) 109.5
Source: FactSet
REMODELING DIVIDEND
Wall Street expects that Lowe’s Cos. closed out its last fiscal year with another solid quarterly performance.
Analysts predict the home improvement chain will report Wednesday that its fiscal fourth-quarter earnings and revenue increased from a year earlier. That would match the retailer’s results in the previous three quarters. Lowe’s has benefited from strong sales growth as the hot housing market leads many homeowners to remodel.
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HOUSING MARKET BELLWETHER
The Commerce Department issues its January tally of new U.S. home sales Thursday.
Economists forecast that sales slowed last month to a seasonally adjusted annual rate of 780,000 homes. That would follow a sales rate of 811,000 homes in December. That surge in December marked the fastest rate in 10 months as buyers snapped up cheaper homes in anticipation of higher interest rates.
New home sales, seasonally adjusted annual rate, by month:
Aug. 668,000
Sept. 725,000
Oct. 649,000
Nov. 725,000
Dec. 811,000
Jan. (est.) 780,000
Source: FactSet