Next Week: Retail sales, newly constructed homes, unemployment benefit claims
A look at some of the key business events and economic indicators upcoming next week.
Retail review
Redbook Research releases its weekly gauge of retail sales on Tuesday.
The report is a key indicator of retailers’ performance because it measures growth at existing stores rather than from newly opened ones. The index, from Johnson Redbook Service, tracks sales from about 70 general merchandise and apparel retailers.
Johnson Redbook Service Index, weekly annual percentage change:
Nov. 8: 4.8
Nov. 15: 5.1
Nov. 22: 4.9
Nov. 29: 7.4
Dec. 6: 4.2
Dec. 13: 4.8
Source: FactSet.
Housing barometer
The Commerce Department delivers its latest monthly snapshot of U.S. sales of newly constructed homes on Tuesday.
Economists project that sales increased in November to a seasonally adjusted annual rate of 680,000 homes. In October, sales of newly built homes slumped to 610,000 amid continued pressure from inflation on consumers and potential home buyers, along with high borrowing costs.
New home sales, seasonally adjusted annual rate, by month:
June 672,000
July 707,000
Aug. 690,000
Sept. 738,000
Oct. 610,000
Nov. (est.) 680,000
Source: FactSet.
Tracking unemployment
The Labor Department issues its weekly tally of new unemployment benefit claims on Thursday.
U.S. applications for unemployment benefits slipped two weeks ago. They fell to 220,000. Weekly applications for jobless benefits are considered a proxy for layoffs. Applications for unemployment benefits still remain low relative to historical standards.
Initial jobless benefit claims, weekly, seasonally adjusted:
Nov. 8: 219,000
Nov. 15: 215,000
Nov. 22: 215,000
Nov. 29: 225,000
Dec. 6 : 242,000
Dec. 12: 220,000
Source: FactSet
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