This Week: Existing home sales, retail data for May and Kroger's first-quarter results
A look at some of the key business events and economic indicators upcoming this week:
RETAIL RECEIPTS
The Commerce Department on Tuesday reports retail sales data for May.
Analysts expect that retail sales rose 0.3% last month after stagnating in April. Shopping by consumers accounts for nearly 70% of the U.S. economy and retail sales are watched closely as a measure of economic health. Consumer spending has been driving economic growth, despite high inflation.
Retail sales, monthly percent change, seasonally adjusted:
Dec.: 0.4
Jan.: -1.1
Feb.: 0.7
March: 0.7
April: 0.0
May (est.): 0.3
Source: FactSet
KROGER RESULTS
Grocery chain Kroger reports its first-quarter sales and profit on Thursday before the bell.
Analysts forecast the Cincinnati-based owner of the Ralphs and Food 4 Less chains earned $1.34 per share on revenue of $44.9 billion. The U.S. Federal Trade Commission sued to block its $24.6 billion merger with Idaho-based Albertsons, saying it would lead to higher grocery prices and lower wages for workers.
HOUSING UPDATE
On Friday, the National Association of Realtors releases its monthly snapshot of existing U.S. home sales.
Economists project that sales of previously occupied homes fell in May for the third month in a row. The spring homebuying season is off to a sluggish start this year as home shoppers contend with elevated mortgage rates and rising prices.
Existing home sales, in millions, seasonally adjusted annual rate:
Dec.: 3.88
Jan.: 4.00
Feb.: 4.38
March: 4.22
April: 4.14
May (est.): 4.08
Source: FactSet
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