This week: Walgreens earnings, inflation and consumer data
A look at some of the key business events and economic indicators upcoming this week:
Walgreen Boots Alliance posts its second-quarter earnings Tuesday before the bell.
The Illinois-based health care retailer and pharmacy is forecast by Wall Street to post a smaller profit compared with the year-ago period. Analysts project that Walgreens earned $1.10 in the second quarter, down from the $1.59 it earned a year ago. Walgreens shares are down 13% this year after tumbling 28% in 2022.
The Conference Board issues its monthly consumer confidence report on Tuesday.
Analysts are predicting that the board’s consumer confidence index dipped this month to 101.3 from 102.9 in February. A reading of 90 or better reflects a healthy economy. Inflation and rising interest rates have shaken consumers’ confidence in the past year, but a strong labor market has helped to prop up Americans’ optimism.
Consumer confidence index, by month:
March (est.): 101.3
The Commerce Department on Friday delivers its February snapshot of U.S. consumer spending and inflation.
The personal consumption expenditure price index, a gauge of inflation that’s closely monitored by the Fed, rose 0.6% from December to January, up sharply from a 0.2% increase from November to December. On a year-over-year basis, prices rose 5.4%, up from a 5.3% annual increase in December. That didn’t stop consumers though, whose spending rose 1.8% in January after falling the two previous months.
Consumer spending, monthly percent change, seasonally adjusted: