This Week: Home sales, Best Buy earns, consumer spending

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

EYE ON HOUSING

The National Association of Realtors issues its July tally of previously occupied U.S. homes Monday.

Economists project that the pace of sales slowed last month to a seasonally adjusted annual rate of 5.81 million homes. In June, sales accelerated to a rate of 5.86 million homes, snapping a four-month stretch of declines, as strong demand for higher-end properties and ultra-low mortgage rates helped push prices to new highs.

Existing home sales, in millions, seasonally adjusted annual rate:

Feb. 6.24

March 6.01

April 5.85

May 5.78

June 5.86

July (est.) 5.81

Source: FactSet

LOCKDOWN DIVIDEND

Wall Street expects another solid quarterly report card from Best Buy.

Analysts predict the consumer electronics retailer will report on Tuesday that its earnings and revenue increased in its fiscal second quarter from a year earlier. That would echo the company’s results in the first quarter. Best Buy has thrived during the pandemic as Americans stepped up spending on laptops and other technology used to get them through working and learning from home.

IN A SPENDING MOOD?

The Commerce Department delivers its latest monthly snapshot of consumer spending Friday.

Economists project that American consumers increased their spending by 0.5% in July. That would be down from an increase of 1% in June that was fueled by a pickup in spending on haircuts, airline tickets, restaurant meals and other services. Americans account for 70% of economic activity, so the more they spend, the more the economy grows.

Consumer spending, monthly percent change, seasonally adjusted:

Feb. -1.1

March 5.2

April 1.1

May -0.1

June 1.0

July (est.) 0.5

Source: FactSet