A look at some of the key business events and economic indicators upcoming this week:
Staying confident
The Conference Board releases its gauge of consumer confidence for July on Tuesday.
Asian shares have advanced after Wall Street closed out another winning week. Hong Kong declined but other major markets in the region were higher.
Within weeks, the tsunami-hit Fukushima Daiichi nuclear power plant is expected to start releasing treated radioactive wastewater into the sea, a highly contested plan facing fierce protests in and outside Japan.
A half-century ago, the nation’s top health experts urged the federal agency in charge of mine safety to adopt strict rules protecting miners from poisonous rock dust.
You don’t know their names but you might recognize their faces. Hollywood’s “journeyman” actors tend to work for scale pay, and spend at least as much time lining up work as working.
Economists project that confidence remains high following a surprising jump in June, when The Conference Board’s consumer confidence index reached 109.7, its highest level in 18 months. The measure is expected to rise to 110.3 in July. A reading of 90 or better reflects a healthy economy. Consumers remain confident amid a strong labor market that has acted as a bulwark to slower economic growth elsewhere.
Consumer confidence, by month:
Feb. 103.4
March 104.0
April 103.7
May: 102.5
June: 109.7
July (est.): 110.3
Source: FactSet.
Fed peaks interest
The Federal Reserve delivers its latest update on interest rates Wednesday.
The central bank is widely expected to raise its benchmark interest rate a quarter percentage point to between 5.25% and 5.50% after forgoing a rate increase at its previous meeting. Wall Street is betting that the central bank will then hold rates steady at that level for the rest of 2023, ending its aggressive policy that brought rates up from near zero since early 2022.
Measuring inflation
The Commerce Department releases its June snapshot of U.S. consumer spending and inflation Friday.
The personal consumption expenditure price index, a gauge of inflation that’s closely monitored by the Federal Reserve, has been easing over the last few months. The Fed has been raising interest rates for more than a year to tame inflation. Wall Street is betting that the central bank will raise rates one more time this year, then pause.
Consumer spending, monthly percent change, seasonally adjusted:
Jan.: 0.6
Feb.: 0.3
March: 0.1
April: 0.4
May: 0.1
June: (est.): 0.2
Source: FactSet
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