The Commerce Department releases its latest snapshot of U.S. construction spending Monday.
Economists project that spending was flat in January compared to the previous month. That would follow December’s 0.5% increase, which nudged spending to a seasonally adjusted annual rate of $2.19 billion.
Construction spending, monthly percent change, seasonally adjusted:
Aug. 0.9
Sept. -0.9
Oct. 1.6
Nov. 0.2
Dec. 0.5
Jan. (est.) 0.0
Source: FactSet
Best Buy’s results
Wall Street expects that Best Buy closed out the final quarter of its last fiscal year on a downbeat note.
Analysts predict the nation’s largest consumer electronics chain will report on Tuesday that its fourth-quarter earnings and revenue declined compared to the same quarter a year earlier. That would echo the company’s third-quarter results. Best Buy’s revenue has been hurt as many Americans have pulled back on purchases of appliances and consumer-electronics gadgets to focus on essentials.
Eye on hiring
Economists predict hiring in the U.S. picked up in February after a sharp slowdown the previous month.
They expect the Labor Department will report Friday that nonfarm employers added 160,000 jobs in February. That would follow a gain of 143,000 jobs in January, reflecting a solid but unspectacular labor market with a 4% unemployment rate.
Nonfarm payrolls, monthly change, seasonally adjusted:
Sept. 240,000
Oct. 44,000
Nov. 261,000
Dec. 307,000
Jan. 143,000
Feb. (est.) 160,000
Source: FactSet