Last Economic Week: Housing, Consumer, Inflation

Data on existing and new home sales in the United States will be released this week.


Photo:

Michael Conroy / Associated Press

US consumer spending and inflation data highlights this week’s economic calendar.

Wednesday

US existing-home sales are forecast to grow for a third straight month in November despite low inventories and record prices. Factors caused by the pandemic such as the desire for more space and the emergence of remote work, low mortgage rates, strong interest from investors and a large demographic push from Millennials have combined to create hottest housing market since 2006.

Thursday

US unemployment cases in recent weeks have dropped to the lowest level in more than half a century, reflecting the unusually tight labor market. Economists expect initial jobless claims, a proxy for layoffs, to remain exceptionally low for the week ending Dec. motion.

US consumer spending is likely to pick up in November, boosted by job gains and wage growth, high levels of household savings and mounting inflationary pressures. price for advance at the fastest rate in nearly 40 years.

The Commerce Department’s consumer spending report also includes the main measure of inflation, the personal consumption expenditure price index. Economists estimate that core inflation, which excludes frequently fluctuating food and energy prices, rose at its fastest annual rate in nearly four decades in November. Hot inflation was one reason. make the Federal Reserve knock down stimulus in the pandemic era and set the stage for higher interest rates next year.

U.S. new-home sales are expected to pick up in November. The market for newly built homes is suffering as broadly as existing homes, while builders are held back. meet demand due to high supply costs, lack of raw materials and difficulty in attracting enough workers.

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Appears 20 December 2021, print edition as ‘Economic Calendar.’

https://www.wsj.com/articles/economy-week-ahead-housing-consumers-inflation-11639947872?mod=pls_whats_news_us_business_f Last Economic Week: Housing, Consumer, Inflation

Ian Walker

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