This week: home sales, Best Buy earnings, consumer spending


A look at some of the major business events and economic indicators coming up this week: HOUSING MARKET BAROMETER Le National…

A look at some of the major trade events and economic indicators coming up this week:

HOUSING MARKET BAROMETER

The National Association of Realtors released its U.S. home sales tally for October on Monday.

Economists predict that sales of previously occupied US homes fell at a seasonally adjusted annual rate of 6.2 million properties last month. This would represent a slightly slower pace than the 6.29 million reached in September, the strongest pace since January. A modest rise in mortgage rates has helped motivate home buyers who can afford to buy a home to step out of the sidelines.

Sales of existing homes, in millions, seasonally adjusted annual rate:

May 5.78

June 5.87

July 6

5 Aug 88

6.29 Sep

Oct (est.) 6.20

Source: FactSet

ANOTHER SOLID QUARTER?

Strong demand for consumer electronics during the pandemic helped boost Best Buy’s profits.

The retailer has been somewhat immune to the economic fallout over the past year as many people trapped at home have increased their spending on laptops and other tech. This pace has continued, driving annual profit and revenue growth throughout the first half of this year. Did the trend continue in the third quarter? Find out Tuesday when Best Buy serves its last quarterly newsletter.

IN A SPENDING MOOD

The Commerce Department released its latest monthly snapshot of consumer spending on Wednesday.

Economists predict that U.S. consumer spending rose 1% last month, up from a 0.6% increase in September. Growth in consumer spending has been uneven since rising 5.2% in March. Spending increased in April, June and August, but was little changed in May and July. Americans face higher prices for food, gasoline and other goods amid the highest rate of inflation since 1990.

Consumer expenditure, monthly percentage change, seasonally adjusted:

May 0.0

June 1.1

July 0.1

August 1.0

0.6 Sep

Oct (est.) 1.0

Source: FactSet

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