Economy Week Ahead: Housing Market and Consumer Spending in Focus

Tuesday

The Commerce Department releases August figures on new orders, shipments, unfilled orders and inventories of products meant to last at least three years. Overall new orders for durable goods declined slightly in July from the prior month.

S&P Global releases its S&P CoreLogic Case-Shiller National Home Price Index, which will show home-price trends across the country in July. Home-prices rose 18% in June, down from a 19.9% annual rate in May.

The Commerce Department releases its report on August sales of new homes in the U.S. New-home sales fell 12.6% in July compared with June.

The Conference Board publishes its September consumer-confidence index, which measures U.S. attitudes toward jobs and the economy. Consumer confidence improved in August after falling for three consecutive months.

Wednesday

The National Association of Realtors reports the number of home sales based on contract signings in August. Pending home sales declined in July for the second consecutive month as high mortgage rates and elevated home prices diminished demand.

Thursday

The Commerce Department publishes a third estimate of second-quarter gross domestic product—a broad measure of the goods and services produced in an economy—after its second estimate showed that the decline in U.S. economic output during that time was less severe than initially estimated. The second estimate showed that the economy contracted at a 0.6% annual rate in the April-through-June period, a slower pace than the 0.9% decline initially estimated, driven in part by an upward revision of consumer spending.

Ask WSJ

The Economic Outlook with Larry Summers and the Fed’s Neel Kashkari

WSJ Chief Economics Correspondent Nick Timiraos sits down with former Treasury Secretary Lawrence Summers and Neel Kashkari, president of the Federal Reserve Bank of Minneapolis, to discuss the steps the Fed is taking to battle inflation.

The Labor Department reports the number of U.S. worker filings for unemployment benefits in the week ended Sept. 24. Initial jobless claims rose slightly the previous week after five consecutive weeks of declines, remaining just below the 2019 weekly average of around 218,000.

China’s National Bureau of Statistics and S&P Global release September surveys of purchasing managers about economic activity in China’s manufacturing sector. China’s agency also releases a separate survey measuring the country’s nonmanufacturing sector.  

Friday

The U.K.’s Office for National Statistics publishes a revised estimate of second-quarter gross domestic product, which fell 0.1% in the three months through June, according to an initial estimate.

The European Union’s statistics agency releases September inflation figures for the 19-nation eurozone. The bloc’s consumer prices were 9.1% higher in August than the same month a year earlier, the fastest pace since records began in early 1997.

The Commerce Department releases figures on U.S. household spending and income in August. Consumer spending rose 0.1% in July from the prior month, a sharp slowdown from June when it increased 1%, suggesting that consumers shifted their spending habits amid high inflation and rising interest rates.

The University of Michigan publishes its final reading of consumer sentiment for September. Its initial estimate earlier in the month showed it had ticked up from August’s final reading.

Write to Bryan Mena at [email protected]

Economists have long said that renting and investing in the stock market is a better investment than owning a house, and in 2022 that could be especially true. WSJ’s Dion Rabouin explains. Photo illustration: Elizabeth Smelov

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