This Week: Retail sales, Fed policy update, Kroger earns
The Commerce Department issues its May tally of U.S. retail sales Tuesday
A look at some of the key business events and economic indicators upcoming this week:
SIZING UP RETAIL SALES
The Commerce Department issues its May tally of U.S. retail sales Tuesday.
Economists predict sales fell a seasonally adjusted 0.5% last month. That would follow flat sales in April and a massive 10.7% jump in March, when many Americans received $1,400 stimulus checks that boosted spending. Retail spending covers about a third of overall consumer spending, which accounts for two-thirds of all economic activity in the U.S.
Retail sales, monthly percent change, seasonally adjusted:
Dec. -1.2
Jan. 7.6
Feb. -2.9
March 10.7
April 0.0
May (est.) -0.5
Source: FactSet
THE FED SPEAKS
The Federal Reserve delivers its latest economic and interest rate policy update Wednesday.
Comments by Fed Chairman Jerome Powell and other Fed officials have convinced most analysts that the central bank will leave interest rates at a record low of 0% to 0.25%. Wall Street will be watching for any hints as to when the Fed may consider raising rates amid growing signs of inflation across the economy this year.
SPOTLIGHT ON KROGER
Wall Street expects that Kroger’s fiscal first-quarter earnings fell short of its performance a year earlier.
Analysts predict the supermarket chain’s earnings and revenue declined in the February-April quarter. That would follow a solid run of annual profit and sales growth for the 12 months ended in January. Kroger has largely benefited from Americans stocking their shelves and dining at home more during the pandemic. The company serves up its latest quarterly report card Thursday.
