This week: Consumer confidence, Dick's Sporting Goods earnings and the latest US inflation reading

This week: Consumer confidence, Dick's Sporting Goods earnings and the latest US inflation reading

This week: Consumer confidence, Dick's Sporting Goods earnings and the latest US inflation reading

The Conference Board on Tuesday issues its consumer confidence index for May

ByThe Associated Press

May 24, 2024, 12:27 PM

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

    HOW CONFIDENT?

    The Conference Board on Tuesday issues its consumer confidence index for May.

    Confidence deteriorated in April for the third straight month as Americans fret about their short-term financial futures with prices and interest rates still elevated. The index measuring Americans’ short-term expectations for income, business and the job market tumbled to 66.4 from 74 last month. Analysts expect confidence dipped again this month.

    Consumer confidence index, by month:

    Dec.: 108.0

    Jan.: 110.9

    Feb.: 104.8

    March: 103.1

    April: 97.0

    May (est.): 95.7

    Source: FactSet

    ON A ROLL

    Dick's Sporting Goods releases its latest financial results before the bell Wednesday.

    Analysts forecast Pennsylvania-based Dick's made $2.99 per share in the first quarter on $2.94 billion in sales. Dick's shares have been on a roll since last fall, gaining 86%. Dick's closed fiscal 2023 with its best sales quarter ever, taking in nearly $3.9 billion in revenue.

    INFLATION UPDATE

    The Commerce Department on Friday delivers its April data on U.S. consumer spending and inflation.

    Analyst forecast that year-over-year inflation held steady at 2.7% from March to April. The report is closely monitored by the Federal Reserve, which raised interest rates to their highest levels in 22 years in an effort to tame four-decade high inflation.

    PCE Deflator, annual percent change, seasonally adjusted:

    Nov.: 2.7

    Dec.: 2.6

    Jan.: 2.4

    Feb.: 2.5

    March: 2.7

    April (est.): 2.7

    Source: FactSet

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