AP

Home prices, General Mills earns, consumer spending

Jun 26, 2022, 9:10 AM | Updated: 9:12 pm

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

HOME PRICE MONITOR

A limited inventory of homes for sale coupled with strong demand has helped keep U.S. home prices climbing sharply.

S&P’s CoreLogic Case-Shiller home price index tracks the value of homes in 20 major U.S. metropolitan areas. It jumped 21.2% in March from a year earlier, up from a 20.3% year-over-year increase in February. Economists project that April’s reading, which is due out Tuesday, will show another 21.2% increase in home prices from a year earlier.

S&P CoreLogic Case-Shiller home price index, annual percent change, by month:

Nov. 18.3

Dec. 18.5

Jan. 19.0

Feb. 20.3

March 21.2

April (est.) 21.2

Source: FactSet

CHEW ON THIS

Wall Street expects that General Mills closed out its last fiscal year on a strong note.

Analysts predict the company’s fiscal fourth-quarter earnings and revenue increased from a year earlier. That would echo General Mills’ third-quarter results. The maker of Cheerios cereal and Blue Buffalo pet food raised its earnings forecast for 2022 in March, citing expectations for strong growth, in part due to higher prices. General Mills serves up its latest quarterly report card Wednesday.

INFLATION BELLWETHER

The Commerce Department delivers its May snapshot of consumer spending Thursday.

The report is closely monitored by the Federal Reserve as a barometer of inflation. While consumer spending has slowed on a monthly basis since climbing 2.1% in January, it rose a healthy 0.9% in April. Consumers’ willingness to keep spending freely despite inflated prices is helping sustain the economy, but could make the Fed’s goal of taming inflation even harder.

Consumer spending, monthly percent change, seasonally adjusted:

Dec. -0.9

Jan. 2.1

Feb. 0.6

March 1.4

April 0.9

May (est.) 0.7

Source: FactSet

Copyright © The Associated Press. All rights reserved. This material may not be published, broadcast, rewritten or redistributed.

AP

Image:The headquarters of Live Nation is shown June 29, 2020, in Beverly Hills, California. The Jus...

Associated Press

Government sues Ticketmaster owner and asks court to break up company’s monopoly on live events

The DOJ has accused Ticketmaster and parent company Live Nation Entertainment of running an illegal monopoly over live events in America.

2 days ago

Image: Ambulances are seen at the airport where a London-Singapore flight that encountered severe t...

Associated Press

World news roundup: Man dies after turbulence; Iran funerals; Israel media law

A Singapore Airlines flight hit severe turbulence over the Indian Ocean and descended 6,000 feet in a span of about three minutes.

4 days ago

Image: Bruce Nordstrom, left, and Jeannie Nordstrom attend the Nordstrom NYC Flagship Opening Party...

Associated Press

Bruce Nordstrom, who helped grow family-led department store chain, dies at 90

Bruce Nordstrom, a retail executive who helped expand his family's Pacific Northwest chain into an upscale national brand, has died.

5 days ago

Image:Israeli Prime Minister Benjamin Netanyahu attends the weekly cabinet meeting at the prime min...

Associated Press

World news roundup: Netanyahu arrest warrant; Assange can appeal; UK blood scandal

The International Criminal Court said it is seeking arrest warrants for Israeli and Hamas leaders, including Benjamin Netanyahu.

5 days ago

Image: In this photo released by the Iranian Presidency Office, President Ebrahim Raisi attends a m...

Associated Press

Iran president and others found dead at helicopter crash site, state media says

Iran President Ebrahim Raisi, the country’s foreign minister and others have been found dead at the site of a helicopter crash Monday.

5 days ago

Photo: Shawna Williams, owner of Free Range Cycles, poses outside her shop on May 6, 2024, in Seatt...

Mae Anderson, The Associated Press

Bike shops boomed early in the pandemic. It’s been a bumpy ride for most ever since

For the nation's bicycle shops, the past few years have probably felt like the business version of the Tour de France, with numerous twists and turns testing their endurance.

6 days ago

Home prices, General Mills earns, consumer spending