Next week will feature several significant business events and economic indicators worth watching closely.
One of the highlights is the weekly retail sales report from Redbook Research, which will be published on Tuesday. This report serves as a crucial metric for assessing the performance of established retailers, as it reflects sales figures from stores that have been operating for over a year, excluding those that have recently opened. The Johnson Redbook Service compiles data from approximately 70 retailers specializing in general merchandise and apparel.
The Johnson Redbook Service Index reflects the annual percentage change in sales for the following dates: November 8 saw an increase of 4.8%, November 15 registered a growth of 5.1%, November 22 dipped to 4.9%, and a notable rise to 7.4% was recorded on November 29. December figures show a decrease to 4.2% on December 6, with December 13 bringing it back up slightly to 4.8%.
Additionally, on Tuesday, the Commerce Department will release its latest monthly report on newly constructed home sales in the U.S. Economists anticipate that there was a rebound in November, projecting a seasonally adjusted annual rate of 680,000 homes sold. This comes after October’s figures showed a decline to 610,000, driven by persistent inflation affecting consumers and potential buyers, coupled with high borrowing costs.
The expected figures for new home sales, adjusted for seasonality, are as follows: June showed 672,000, July saw an increase to 707,000, August recorded 690,000, and September had 738,000. However, October’s slump to 610,000 is a stark contrast to the expected bounce back in November to 680,000.
On Thursday, the Labor Department will provide its weekly report on new claims for unemployment benefits. Recently, U.S. applications have shown a slight decrease, dropping to 220,000 claims two weeks ago. These weekly applications serve as an indicator of layoffs, and the current figures are low compared to historical data.
The weekly initial jobless benefit claims for the following dates are available: November 8 reflected 219,000 claims, November 15 showed 215,000, November 22 maintained 215,000, while November 29 recorded an increase to 225,000. On December 6, claims rose further to 242,000 and then dropped back down to 220,000 on December 12.
