This week: Walgreens earnings, inflation and consumer data
A look at some of the key business events and economic indicators upcoming this week:
WALGREENS
Walgreen Boots Alliance posts its second-quarter earnings Tuesday before the bell.
The Illinois-based health care retailer and pharmacy is forecast by Wall Street to post a smaller profit compared with the year-ago period. Analysts project that Walgreens earned $1.10 in the second quarter, down from the $1.59 it earned a year ago. Walgreens shares are down 13% this year after tumbling 28% in 2022.
HOW CONFIDENT?
The Conference Board issues its monthly consumer confidence report on Tuesday.
Analysts are predicting that the board’s consumer confidence index dipped this month to 101.3 from 102.9 in February. A reading of 90 or better reflects a healthy economy. Inflation and rising interest rates have shaken consumers’ confidence in the past year, but a strong labor market has helped to prop up Americans’ optimism.
Consumer confidence index, by month:
Oct.: 102.2
Nov.: 101.4
Dec.: 109
Jan.: 106
Feb.: 102.9
March (est.): 101.3
Source: FactSet
INFLATION BELLWETHER
The Commerce Department on Friday delivers its February snapshot of U.S. consumer spending and inflation.
The personal consumption expenditure price index, a gauge of inflation that’s closely monitored by the Fed, rose 0.6% from December to January, up sharply from a 0.2% increase from November to December. On a year-over-year basis, prices rose 5.4%, up from a 5.3% annual increase in December. That didn’t stop consumers though, whose spending rose 1.8% in January after falling the two previous months.
Consumer spending, monthly percent change, seasonally adjusted:
Aug.: 0.8
Sept.: 0.6
Oct.: 0.8
Nov.: -0.2
Dec.: -0.1
Jan.: 1.8
Source: FactSet