This Week: Consumer confidence, Hormel earns, jobs report
A look at some of the key business events and economic indicators upcoming this week:
NOT SO CONFIDENT?
The Conference Board delivers its latest monthly index of U.S. consumer confidence Tuesday.
Consumer confidence was little changed in April, slipping to 107.3 from 107.6 the previous month. A reading of 90 or better reflects a healthy economy. Economists expect the index, which measures consumers’ assessment of current conditions and their outlook for the future, fell in May to 103.0. Inflation soared over the past year at its fastest pace in decades, with costs for food, gasoline and housing squeezing American consumers.
Consumer confidence, by month:
May (est.) 103.0
CHEW ON THIS
Wall Street expects another solid quarterly report card from Hormel Foods.
Analysts predict the maker of Spam canned ham, Dinty Moore stew and other foods will report that its earnings and revenue increased in the February-April quarter versus the same period last year. Hormel has benefited from strong growth in wholesale and retail demand for its packaged food brands. Hormel Foods serves up its fiscal second-quarter results Thursday.
JOB MARKET TRACKER
The Labor Department issues its monthly tally of hiring by nonfarm employers Friday.
Economists predict employers added 310,000 jobs in May. That would be down from the 428,000 jobs added in April, which helped hold the unemployment rate at nearly a 50-year low. The economy’s hiring gains have been strikingly consistent in the face of the worst inflation in four decades. Employers have added at least 400,000 jobs for 12 straight months.
Nonfarm payrolls, monthly change, seasonally adjusted:
May (est.) 310,000