This Week: Consumer confidence, consumer spending, jobs data
Nov 28, 2022, 7:10 AM | Updated: 7:32 am
A look at some of the key business events and economic indicators upcoming this week:
CONFIDENCE CHECK
The Conference Board delivers its latest index of U.S. consumer confidence Tuesday.
Economists expect the reading fell in November to 98. That would follow a reading of 102.5 in October. A reading of 90 or better reflects a healthy economy. The index, which measures consumers’ assessment of current conditions and their outlook for the future, has been mostly hovering above 100, despite red hot inflation and sharply higher interest rates.
Consumer confidence, by month:
June 98.4
July 95.3
Aug. 103.6
Sept. 107.8
Oct. 102.5
Nov. (est.) 98.0
Source: FactSet
INFLATION BAROMETER
The Commerce Department releases its October snapshot of consumer spending Thursday.
The personal consumption expenditure price index rose 0.7% in September from a month earlier, the latest sign that prices for most goods and services in the U.S. are still rising steadily. The report is closely monitored by the Federal Reserve as a barometer of inflation, which is the highest in decades. The Fed has been raising interest rates this year in a bid to slow the economy enough to tame inflation.
Consumer spending, monthly percent change, seasonally adjusted:
April 0.4
May 0.7
June 1.2
July -0.2
Aug. 0.6
Sept. 0.7
Source: FactSet
ALL ABOUT JOBS
The Labor Department issues its monthly tally of hiring by nonfarm U.S. employers Friday.
Economists predict employers added 220,000 jobs in November. That would be the lowest monthly increase since December 2020, when the economy lost 115,000 jobs. In October, employers added 261,000 jobs, a solid gain that reflects an economy that remains resilient despite rising interest rates and painful inflation.
Nonfarm payrolls, monthly change, seasonally adjusted:
June 293,000
July 537,000
Aug. 292,000
Sept. 315,000
Oct. 261,000
Nov. (est.) 220,000
Source: FactSet
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