The Commerce Department issues its January snapshot of U.S. construction spending Monday
A look at some of the key business events and economic indicators upcoming this week:
EYE ON CONSTRUCTION
Spending on construction projects fell in 2019 for the first time in eight years.
For the year, spending fell 0.3%, the first setback since a 2.6% decline in 2011. Weakness in nonresidential construction accounted for much of the pullback. Economists expect that construction spending began 2020 with a good start last month, though. The Commerce Department issues its January construction spending figures Monday.
Construction spending, monthly percent change, seasonally adjusted:
Aug. 1.1
Sept. 0.7
Oct. 0.4
Nov. 0.7
Dec. -0.2
Jan. (est.) 0.6
Source: FactSet
IN A SHOPPING MOOD
Costco Wholesale serves up its latest quarterly report card Thursday.
Wall Street predicts the warehouse club operator’s fiscal second-quarter earnings and revenue increased from a year earlier. That would echo the company’s first-quarter results. Costco has benefited from solid sales growth, reflecting broad strength in spending by U.S. consumers.
ALL ABOUT JOBS
Economists predict hiring in the U.S. slowed in February after a sharp increase the previous month.
They expect the Labor Department will report Friday that nonfarm employers added 170,000 jobs in February. In January, employers added 225,000 jobs. Hiring has largely remained robust despite U.S. trade conflicts last year and uncertainty about the strength of global economic growth.
Nonfarm payrolls, monthly change, seasonally adjusted:
Sept. 208,000
Oct. 185,000
Nov. 261,000
Dec. 147,000
Jan. 225,000
Feb. (est.) 170,000
Source: FactSet