This Week: Construction data, Nordstrom earns, jobs report

Monday, March 1, 2021 | The Associated Press

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

SPOTLIGHT ON CONSTRUCTION

The Commerce Department issues its latest tally of U.S. construction spending Monday.

Economists project that spending increased by a modest 0.7% in January. That would follow a 1% increase in December, as strength in spending on residential projects, particularly single-family homes, offset a sustained weakness in nonresidential construction. With mortgage rates at historic lows, housing has been a star performer over the past year even as the pandemic ravages other parts of the economy.

Construction spending, monthly percent change, seasonally adjusted:

Aug. 2.0

Sept. -0.2

Oct. 2.5

Nov. 1.1

Dec. 1.0

Jan. (est.) 0.7

Source: FactSet

UNHAPPY HOLIDAYS

Wall Street expects another lackluster quarterly report card from Nordstrom.

The upscale department store chain has been struggling to grow its sales through the pandemic, though it managed to follow up two quarterly losses with a smaller profit in the August-October quarter. Analysts predict the company will report Tuesday that its earnings and revenue fell in the November-January quarter versus a year earlier, reflecting a sharp decline in sales during the holiday shopping season.

ALL ABOUT JOBS

Economists predict hiring in the U.S. rebounded strongly in February after a dismal showing the previous month.

They expect the Labor Department will report Friday that nonfarm employers added 200,000 jobs in February. That would follow a gain of 49,000 jobs in January. That tepid increase made scarcely any dent in the nearly 10 million jobs that remain lost since the coronavirus intensified about a year ago, underscoring the pandemic’s ongoing grip on the economy.

Nonfarm payrolls, monthly change, seasonally adjusted:

Sept. 716,000

Oct. 680,000

Nov. 264,000

Dec. -227,000

Jan. 49,000

Feb. (est.) 200,000

Source: FactSet



7 Stocks to Buy For the Gig Economy

Before the global pandemic, it was referred to as a side hustle—a way for some individuals to make a little extra money. However, as the pandemic has changed the nature of how we work, and as consumers how we spend, the gig economy has become an essential way of life for many workers.

There is much that’s not known about the long-term effects of the pandemic. But if there’s one lesson we learn from history, it’s that there will be ripple effects. We believe that society will get back to something resembling normal. However, what that normal looks like may be different.

Americans were becoming less social since before the pandemic. Now consumers have begun to realize there truly is no reason to leave their house to shop for anything. And while many crave physical connection during these times, there will be many that have changed their purchasing habits for good.

Other elements of the gig economy, such as ride-hailing and home rentals, were devastated due to the pandemic. Those businesses are likely to come back.

And that’s why companies that have created the gig economy aren’t going away anytime soon. In this special report, we’ll highlight several stocks that investors should consider as the gig economy moves forward.

View the "7 Stocks to Buy For the Gig Economy".


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