This Week: Caterpillar earns, durable goods, jobs report
A look at some of the key business events and economic indicators upcoming this week:
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Wall Street expects another solid quarterly snapshot from Caterpillar.
Analysts predict the maker of iconic yellow backhoes and bulldozers will report higher second-quarter profit and revenue than a year earlier. That would echo its results in the first quarter, when Caterpillar’s sales climbed on strong demand for construction equipment despite persistent supply chain challenges. Caterpillar serves up its latest results Tuesday.
ECONOMIC BELLWETHER
The Commerce Department delivers its June tally of durable goods orders Wednesday.
Business orders for durable goods rose 0.8% in May, the third straight monthly increase. Economists predict orders for long-lasting, manufactured goods rose 1.9% in June from a month earlier. That would be the biggest increase since a gain of 3.1% in January.
Durable goods orders, monthly percent change, seasonally adjusted:
Jan. 3.1
Feb. -0.7
March 0.7
April 0.4
May 0.8
June. (est.) 1.9
Source: FactSet
ALL ABOUT JOBS
The Labor Department issues its monthly snapshot of hiring by nonfarm employers Friday.
Economists predict employers added 240,000 jobs in July. That would be the lowest total since December 2020, when the economy lost more jobs than it added. In June, employers added 372,000 jobs, a surprisingly robust gain that helped keep the national unemployment rate at 3.6% for a fourth straight month.
Nonfarm payrolls, monthly change, seasonally adjusted:
Feb. 714,000
March 398,000
April 368,000
May 384,000
June 372,000
July (est.) 240,000
Source: FactSet