A look at some of the key business events and economic indicators upcoming this week:
EYE ON CONSTRUCTION
Economists project that spending on construction projects increased nationally in June after falling the previous month.
They expect the Commerce Department will report Monday that spending on housing, nonresidential and government construction projects rose 0.5% in June. That would follow a drop of 0.3% in May. Growth in housing, the economy’s standout performer, slowed in May while activity in areas most directly impacted by the pandemic showed further weakness.
Construction spending, monthly percent change, seasonally adjusted:
Jan. 3.0
Feb. -1.1
March 1.0
April 0.1
May -0.3
June (est.) 0.5
Source: FactSet
IN GEAR
General Motors delivers its second-quarter results Wednesday.
Wall Street predicts the automaker returned to a profit in the April-June quarter versus a loss a year ago. Analysts also expect the company’s revenue nearly doubled. General Motors has benefited this year from strong U.S. consumer demand. Higher prices have helped offset rising production costs brought on by a global shortage of computer chips.
ALL ABOUT JOBS
Economists predict hiring in the U.S. slowed in July after accelerating the previous month.
They expect the Labor Department will report Friday that nonfarm employers added 750,000 jobs in July. That would be down from June, when employers added 850,000 jobs. Despite that burst of hiring, the nation’s unemployment rate edged higher to 5.9% in June from 5.8% in May. Even with the job market’s steady gains, unemployment remains well above the 3.5% rate that prevailed before the pandemic struck.
Nonfarm payrolls, monthly change, seasonally adjusted:
Feb. 536,000
March 785,000
April 269,000
May 583,000
June 850,000
July (est.) 750,000
Source: FactSet
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