This Week: Existing home sales, quarterly GDP estimate, consumer spending data

A look at some of the key business events and economic indicators upcoming this week

HOUSING BAROMETER

Economists project that the nation’s home sales slump deepened in June for the fourth straight month.

The National Association of Realtors is expected to report on Tuesday that sales of previously occupied U.S. homes slowed last month to the weakest annual pace since December, underscoring how elevated mortgage rates, a dearth of homes for sale and record-high prices remain a drag on the housing market.

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

Jan. 4.0

Feb. 4.38

March 4.22

April 4.14

May 4.11

June (est.) 3.98

Source: FactSet

MODEST GROWTH?

The Commerce Department delivers its preliminary estimate of second-quarter U.S. economic growth Thursday.

Economists predict that the economy expanded at a 1.9% seasonally adjusted annual pace from April through June. That would follow a 1.4% annual growth pace in the first quarter, the slowest since spring 2022.

GDP, percent change, seasonally adjusted annual rate, by quarter:

Q1 2023: 2.2

Q2 2023: 2.1

Q3 2023: 4.9

Q4 2023: 3.4

Q1 2024: 1.4

Q2 2024 (est.): 1.9

Source: FactSet

INFLATION BELLWETHER

The Commerce Department releases its latest monthly snapshot of U.S. consumer spending Friday.

Economists expect the personal consumption expenditures index, which tracks spending across all goods and services, inched up 0.2% in June. Consumers account for 70% of economic activity, so spending trends are closely monitored by the Federal Reserve as it determines how to adjust interest rates in its bid to tame inflation.

Consumer spending, monthly percent change, seasonally adjusted:

Jan. 0.1

Feb. 0.6

March 0.7

April 0.1

May 0.3

June (est.) 0.2

Source: FactSet