AP

This Week: New home sales, Apple earns, consumer spending

Apr 24, 2022, 9:10 PM | Updated: 9:26 pm

A look at some of the key business events and economic indicators upcoming this week:

HOUSING MARKET BELLWETHER

The Commerce Department issues its March tally of new U.S. home sales Tuesday.

Economists forecast that sales slowed last month to a seasonally adjusted annual rate of 760,000 homes. That would follow February’s pace of 772,000 homes. Demand for newly built homes has been robust, aided by an ultra-low supply of previously occupied homes on the market. But rising interest rates and home prices are increasingly pushing the limits of affordability for would-be buyers.

New home sales, seasonally adjusted annual rate, by month:

Oct. 667,000

Nov. 753,000

Dec. 860,000

Jan. 788,000

Feb. 772,000

March (est.) 760,000

Source: FactSet

SPOTLIGHT ON APPLE

Wall Street expects another stellar quarterly report card from Apple.

Analysts predict the company’s earnings and revenue increased in the January-March quarter versus a year earlier. That would echo the company’s results in the final quarter of 2021, thanks to strong holiday season demand for its iPhones and other popular devices. The company shook off the supply shortages that had curtailed production of its devices earlier in 2021. Apple reports its fiscal second-quarter results Thursday.

EYE ON CONSUMERS

The Commerce Department serves up its March snapshot of consumer spending Friday.

The report is closely monitored by the Federal Reserve as a barometer of inflation. The central bank has begun raising interest rates and is expected to continue doing so in coming months in a bid to fight surging inflation, which is beginning to dampen consumer spending. Squeezed by rising prices, consumers increased their spending by just 0.2% in February, down from a much larger 2.7% gain in January.

Consumer spending, monthly percent change, seasonally adjusted:

Sept. 0.6

Oct. 1.4

Nov. 0.5

Dec. -0.9

Jan. 2.7

Feb. 0.2

Source: FactSet

Copyright © The Associated Press. All rights reserved. This material may not be published, broadcast, rewritten or redistributed.

AP

Tracy Toulou...

Associated Press

How to tackle crime in Indian Country? Empower tribal justice, ex-Justice Department official says

A recently retired director of the Justice Dept. says the federal government hasn't given tribal justice systems equal recognition.

15 hours ago

Speaker of the House Mike Johnson...

Associated Press

House Speaker Mike Johnson says he will push for aid to Israel and Ukraine this week

House Speaker Mike Johnson said Sunday he will try to advance wartime aid for Israel this week, along with funding for Ukraine.

16 hours ago

President Joe Biden speaks at a campaign rally Saturday, March 9, 2024, at Pullman Yards in Atlanta...

Associated Press

US shoots down ‘nearly all’ Iran-launched attack drones as Biden vows support for Israel’s defense

Joe Biden cut short a weekend stay at his beach house to meet with his national security team as Iran launched an attack against Israel.

2 days ago

Protesters in Phoenix shout as they join thousands marching around the Arizona state Capitol after ...

Associated Press

Abortion ruling supercharges Arizona to be an especially important swing state

A ruling this week instituting a near-total abortion ban supercharged Arizona's role, turning it into the most critical battleground.

3 days ago

Former President Donald Trump, center, appears in court for his arraignment, Tuesday, April 4, 2023...

Associated Press

Manhattan court searching for jurors to hear first-ever criminal case against a former president

Jury selection is set to start Monday in former President Donald Trump's hush money case — the first trial of the presumptive nominee.

3 days ago

Follow @ktar923...

Sponsored Content by Condor Airlines

Condor Airlines can get you smoothly from Phoenix to Frankfurt on new A330-900neo airplane

Adventure Awaits! And there's no better way to experience the vacation of your dreams than traveling with Condor Airlines.

Sponsored Articles

...

Condor Airlines

Condor Airlines can get you smoothly from Phoenix to Frankfurt on new A330-900neo airplane

Adventure Awaits! And there's no better way to experience the vacation of your dreams than traveling with Condor Airlines.

...

Midwestern University

Midwestern University Clinics: transforming health care in the valley

Midwestern University, long a fixture of comprehensive health care education in the West Valley, is also a recognized leader in community health care.

(KTAR News Graphic)...

Boys & Girls Clubs

KTAR launches online holiday auction benefitting Boys & Girls Clubs of the Valley

KTAR is teaming up with The Boys & Girls Clubs of the Valley for a holiday auction benefitting thousands of Valley kids.

This Week: New home sales, Apple earns, consumer spending