A look at some of the key business events and economic indicators coming this week:
HOUSING MARKET BELLWETHER
The Department of Commerce released its March statement of new U.S. home sales on Tuesday.
Economists predict that sales fell last month to a seasonally adjusted annual rate of 760,000 homes. That would follow the February pace of 772,000 homes. The demand for newly built homes has been robust, helped by an ultra-low supply of previously inhabited homes on the market. But rising interest rates and house prices are increasingly pushing the boundaries of affordability for potential buyers.
Sale of new homes, seasonally adjusted annual installment, by month:
March (estimated) 760,000
SPOTLIGHT ON APPLE
Wall Street expects another great quarterly report from Apple.
Analysts predict that the company’s earnings and revenue increased in the quarter January-March compared to a year earlier. It would repeat the company’s performance in the last quarter of 2021, thanks to strong demand for its iPhones and other popular devices during the holiday season. The company shook off the supply shortage that had curtailed production of its devices earlier in 2021. Apple reported its second-quarter financial results Thursday.
EYE ON CONSUMERS
The trade department shows its snapshot of consumption consumption in March this Friday.
The report is closely monitored by the Federal Reserve as a barometer of inflation. The central bank has begun to raise interest rates and is expected to continue to do so in the coming months in an attempt to combat rising inflation, which is beginning to dampen consumer spending. The pressure of rising prices increased consumers’ consumption by only 0.2% in February, down from a much larger increase of 2.7% in January.
Consumption expenses, monthly percentage change, seasonally adjusted: