This Week: New home sales, Gap earns, consumer spending

Aug 21, 2022, 12:10 PM | Updated: Aug 22, 2022, 12:11 am

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

HOUSING MARKET BELLWETHER

The Commerce Department releases its July tally of new U.S. home sales Tuesday.

Economists project that sales slowed again last month to a seasonally adjusted annual rate of about 578,000 homes. That would follow a sales rate of 590,000 homes in June. The real estate market has cooled after a strong start to the year as surging inflation, rising home prices and a sharp run-up in mortgage rates have made homeownership less affordable for many would-be buyers.

New home sales, seasonally adjusted annual rate, by month:

Feb. 790,000

March 707,000

April 604,000

May 642,000

June 590,000

July (est.) 578,000

Source: FactSet

SEEING RED

Wall Street expects to see more red when Gap serves up its latest quarterly report card Thursday.

Analysts predict the fashion chain slid to a loss in its fiscal second quarter and that its revenue declined versus the same quarter last year. That would match the company’s first-quarter snapshot. Gap, which also owns the Old Navy, Banana Republic and Athleta chains, has been struggling with slumping sales and supply chain challenges. CEO Sonia Syngal stepped down last month after two years on the job.

INFLATION BAROMETER

The Commerce Department delivers its July snapshot of consumer spending Friday.

The personal consumption expenditure price index rose 1.1% in June from a month earlier. The report is closely monitored by the Federal Reserve as a barometer of inflation, which is at the highest level in decades, eroding consumers’ purchasing power. The Fed has been raising interest rates this year in a bid to slow the economy enough to tame inflation.

Consumer spending, monthly percent change, seasonally adjusted:

Jan. 1.9

Feb. 0.6

March 1.2

April 0.5

May 0.3

June 1.1

Source: FactSet

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 This material may not be published, broadcast, rewritten or redistributed.

AP

This photo provided by Administrative office of Pennsylvania Courts shows Max Baer, the chief justi...
Associated Press

Max Baer, Pennsylvania Supreme Court’s chief justice, dies

PITTSBURGH (AP) — Max Baer, the chief justice of the Pennsylvania Supreme Court, has died only months before he was set to retire, the court confirmed Saturday. He was 74. Baer died overnight at his home near Pittsburgh, the court said in a news release. The court didn’t give a reason for his death but […]
1 day ago
Associated Press

Poland adds pregnancy to patients’ medical data

WARSAW, Poland (AP) — A new regulation that came into force in Poland Saturday requiring pregnancy information to be uploaded to the national digital system has raised concerns among women’s organizations that it could be another means for the conservative government to control women’s lives. Women’s groups suggest the Health Ministry regulation would enable authorities […]
1 day ago
Associated Press

Czechia’s ruling coalition wins election in Senate

PRAGUE (AP) — A senior government party in the Czech Republic linked to conservative Prime Minister Petr Fiala has won an election for a third of the seats in Parliament’s upper house, with the ruling coalition parties retaining a dominant position in the Senate. With all the votes counted Saturday by the Statistics Office, the […]
1 day ago
In this photo provided by the Armed Forces of Denmark, a view the disturbance in the water above th...
Associated Press

Danes: Nord Stream 2 pipeline seems to have stopped leaking

COPENHAGEN, Denmark (AP) — The Danish Energy Agency says one of two ruptured natural gas pipelines in the Baltic Sea appears to have stopped leaking natural gas. The agency said on Twitter on Saturday that it had been informed by the company operating the Nord Stream 2 pipeline that pressure appears to have stabilized in […]
1 day ago
Supporters of Nigeria Labour Party's Presidential Candidate Peter Obi attend a rally in Lagos Niger...
Associated Press

Nigerians mark independence anniversary ahead of key poll

ABUJA, Nigeria (AP) — Nigerians celebrated the 62nd anniversary of their independence Saturday with the country’s leader acknowledging the economic and security hardships citizens are facing as they prepare to vote for a new president in four months. Nigerian President Muhammadu Buhari rode a wave of goodwill to power in 2015 after promising to overcome […]
1 day ago
A 19-year old Hazara Afghan girl sits and cries on the bench she was sitting on, during Friday's su...
Associated Press

Women protesters demand more security after Afghan bombing

KABUL, Afghanistan (AP) — A group of Afghan women Saturday protested a suicide bombing that killed or wounded dozens of students in a Shiite education center in the capital Kabul a day earlier, demanding better security from the Taliban-run government. The demonstration was quickly broken up by Taliban police. The bomber struck an education center […]
1 day ago

Sponsored Articles

Anacortes Christmas Tree...

Come one, come all! Food, Drink, and Coastal Christmas – Anacortes has it all!

Come celebrate Anacortes’ 11th annual Bier on the Pier! Bier on the Pier takes place on October 7th and 8th and features local ciders, food trucks and live music - not to mention the beautiful views of the Guemes Channel and backdrop of downtown Anacortes.
Swedish Cyberknife Treatment...

The revolutionary treatment of Swedish CyberKnife provides better quality of life for majority of patients

There are a wide variety of treatments options available for men with prostate cancer. One of the most technologically advanced treatment options in the Pacific Northwest is Stereotactic Body Radiation Therapy using the CyberKnife platform at Swedish Medical Center.
Work at Zum Services...

Seattle Public Schools announces three-year contract with Zum

Seattle Public Schools just announced a three-year contract with a brand-new company to the Pacific Northwest to assist with their student transportation: Zum.
Swedish Cyberknife 900x506...

June is Men’s Health Month: Here’s Why It’s Important To Speak About Your Health

According to the Centers for Disease Control and Prevention, men in the United States, on average, die five years earlier than women.
...

Anacortes – A Must Visit Summertime Destination

While Anacortes is certainly on the way to the San Juan Islands (SJI), it is not just a destination to get to the ferry… Anacortes is a destination in and of itself!
...

Ready for your 2022 Alaskan Adventure with Celebrity Cruises?

Celebrity Cruises SPONSORED — A round-trip Alaska cruise from Seattle is an amazing treat for you and a loved one. Not only are you able to see and explore some of the most incredible and visually appealing natural sights on the planet, but you’re also able to relax and re-energize while aboard a luxury cruise […]
This Week: New home sales, Gap earns, consumer spending