This Week in Business: Consumer confidence, home sales, inflation update

Confidence check

The Conference Board delivers its latest monthly snapshot of U.S. consumer confidence on Wednesday.

Analysts expect that Americans’ confidence increased in December from November. Consumer spending accounts for around 70% of U.S. economic activity, so economists pay close attention to gauge how it may affect the broader economy. Rising consumer confidence would bode well for the ongoing holiday shopping season.

Consumer confidence, by month:

Other news

Family members of forced labor victims during the Japan's colonial period, arrive at the Supreme Court in Seoul, South Korea, Thursday, Dec. 21, 2023. South Korea’s top court ordered two Japanese companies to financially compensate more of their wartime Korean workers for forced labor, as it sided Thursday with its contentious 2018 verdicts that caused a huge setback in relations between the two countries. (AP Photo/Ahn Young-joon)

South Korean court orders 2 Japanese companies to compensate wartime Korean workers for forced labor

File - The sun sets behind the Manhattan skyline as plane approaches LaGuardia Airport on Sept. 6, 2023, in New York. Holiday travel is kicking off on highways, trains, and airports this week. (AP Photo/Frank Franklin II, File)

Ready, set, travel: The holiday rush to the airports and highways is underway

FILE - Visitors burn incense as they pray on the first day of the Lunar New Year holiday at the Lama Temple in Beijing on Jan. 22, 2023. (AP Photo/Mark Schiefelbein, File)

China emerged from ‘zero-COVID’ in 2023 to confront new challenges in a changed world

July 114.0

Aug. 108.7

Sept. 104.3

Oct. 99.1

Nov. 102.0

Dec. (est.) 104.9

Source: FactSet

Home sales

The National Association of Realtors on Wednesday reports data on home sales in November.

Analysts forecast that sales of previously occupied homes fell for the sixth month in a row amid high mortgage rates and a dearth of properties for sale. Homes sales slumped in October to their slowest pace in more than 13 years while home prices kept climbing.

Existing home sales, in millions, seasonally adjusted annual rate:

June: 4.16

July: 4.07

Aug.: 4.04

Sept.: 3.95

Oct. (est.): 3.79

Nov. (est.): 3.77

Source: FactSet.

Inflation barometer

The Commerce Department delivers its November snapshot of U.S. consumer spending and inflation on Friday.

The personal consumption expenditure price index, a gauge of inflation that’s closely monitored by the Federal Reserve, is expected to show that inflation eased further in November. The Fed began raising interest rates in March 2022 in a bid to cut inflation to 2%. It has held rates steady over its last several meetings as it monitors easing inflation.

PCE Deflator, annual percent change, seasonally adjusted:

June 3.2

July 3.4

Aug. 3.4

Sept. 3.4

Oct. (est.) 3.0

Nov. (est.) 2.8

Source: FactSet