A look at some of the key business events and economic indicators upcoming this week:
NOT SO CONFIDENT?
The Conference Board releases its latest U.S. consumer confidence index Tuesday.
The index fell in April as anxiety over a slowing economy and possible recession weighed on American households. It was the third time in four months that overall U.S. consumer confidence declined. Economists project that the May reading slipped again. A reading of 90 or better reflects a healthy economy.
Consumer confidence, by month:
Dec. 109.0
Jan. 106.0
Feb. 103.4
March 104.0
April 101.3
May (est.) 100.8
Source: FactSet
SPOTLIGHT ON MACY’S
Macy’s delivers its fiscal first-quarter results Thursday.
Wall Street expects the department store chain will report lower earnings and revenue for the February-April quarter compared to a year earlier. That would echo the company’s results for the 12 months that ended in January. Retailers like Macy’s are feeling the sting of a consumer spending slowdown as the economic environment grows more unpredictable.
JOBS TRACKER
The Labor Department reports its May tally of hiring by nonfarm U.S. employers Friday.
Economists predict employers added 190,000 jobs in May, well below April's 253,000. All told, job gains for February through April marked the weakest three-month average since January 2021. The job market has remained durable despite the Fed’s aggressive campaign of interest rate hikes. Layoffs are still relatively low, and job openings comparatively high.
Nonfarm payrolls, monthly change, seasonally adjusted:
Dec. 239,000
Jan. 472,000
Feb. 248,000
March 165,000
April 253,000
May (est.) 190,000
Source: FactSet
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