This week: consumer prices, Lennar earnings, retail sales
A look at some of the key business events and economic indicators upcoming this week:
EYE ON INFLATION
The Labor Department delivers its latest monthly index of inflation at the consumer level Tuesday.
Analysts are forecasting that prices rose 5.9% in February from one year ago, down from January’s 6.4%. Though the pace of consumer price increases eased for the seventh straight month in January compared with a year earlier, on a monthly basis, prices increased 0.5% from December to January.
Consumer price index, annual percent change, not seasonally adjusted:
Sept.: 8.2
Oct.: 7.8
Nov.: 7.1
Dec.: 6.5
Jan.: 6.4
Feb. (est): 5.9
Source: FactSet
SPOTLIGHT ON LENNAR
Homebuilder Lennar releases its first-quarter earnings after the bell on Tuesday.
Analysts forecast that Miami-based Lennar Corp.’s profits fell to $1.55 per share on sales of $5.9 billion during the slow winter period. In the same period last year, Lennar posted profits of $1.69 per share, badly missing Wall Street targets of $2.60. The housing market has been battered in the past year as sharply higher mortgage rates have driven many prospective homebuyers to the sidelines.
TALLYING RETAIL RECEIPTS
The Commerce Department issues its monthly tally of U.S. retail sales Wednesday.
America’s consumers rebounded in the first month of 2023 from a weak holiday shopping season by boosting their spending at stores and restaurants at the fastest pace in nearly two years. Driving the 3% gain in January was a jump in auto sales. Analysts forecast that February sales slowed to a 0.5% gain from January.
Retail sales, monthly percent change, seasonally adjusted:
Sept.: 0.7
Oct.: -0.2
Nov.: 1.1
Dec.: -1.1
Jan.: 3
Feb. (est.): 0.5
Source: FactSet