This Week: Home prices, 1Q US GDP, consumer spending
A look at some of the key business events and economic indicators upcoming this week:
HOME PRICE TRACKER
U.S. home prices are growing more slowly as years of big gains have made homeownership less affordable.
S&P’s CoreLogic Case-Shiller home price index, which tracks the value of homes in 20 major U.S. metropolitan areas, has shown weaker annual growth since April 2018. Economists expect the latest index, due out Tuesday, will show prices rose 2.3% from a year earlier, down from a gain of 3% in February.
S&P CoreLogic Case-Shiller home price index, annual percent change, by month:
March (est.) 2.3
MAKING A COMEBACK?
The Commerce Department delivers its latest estimate of first quarter U.S. economic growth Thursday.
Economists predict that the economy, as measured by the gross domestic product, grew at a 3.2% seasonally adjusted annual rate in the first three months of this year. That would mark an acceleration from the previous quarter, when the economy grew 2.2%.
GDP, seasonally adjusted annual rate, by quarter:
Q4 2017: 2.3
Q1 2018: 2.2
Q2 2018: 4.2
Q3 2018: 3.4
Q4 2018: 2.2
Q1 2019 (est.): 3.2
IN A SPENDING MOOD
Economists expect that U.S. consumers reined in their spending in April after splurging in March.
Consumer spending surged 0.9% in March, the biggest gain in nearly a decade. The spree followed three months of lackluster readings in this key segment of the economy. Americans account for 70% of economic activity. The Commerce Department issues its April tally of consumer spending Friday.
Consumer spending, monthly percent change, seasonally adjusted:
April (est.) 0.2