This Week: Home sales, Caterpillar results, 4Q GDP
A look at some of the key business events and economic indicators upcoming this week:
EYE ON HOUSING
Strong demand has helped lift U.S. home sales to levels last seen at the height of the housing boom a decade ago.
Sales of previously occupied homes accelerated in November to a seasonally adjusted annual rate of 5.81 million units, the fastest pace since December 2006. Did the trend continue in December? Find out Wednesday, when the National Association of Realtors releases its latest tally of U.S. home sales.
Existing home sales, in millions, seasonally adjusted annual rate:
Dec. (est.) 5.65
Caterpillar serves up its latest quarterly report card Thursday.
Wall Street predicts the construction equipment manufacturer’s earnings and revenue improved in the fourth quarter from a year earlier. That would be in line with the company’s performance through the first three quarters of 2017. Caterpillar has benefited from increased demand in North America and China.
Economists project that the U.S. economy’s rate of growth slowed in the last three months of 2017.
They expect the Commerce Department will report on Friday that the gross domestic product grew by 2.7 percent in the fourth quarter. That would be down from the third quarter, when the economy expanded at a 3.2 percent annual rate, and the second quarter, when GDP climbed 3.1 percent.
GDP, seasonally adjusted annual rate, by quarter:
Q3 2016: 2.8
Q4 2016: 1.8
Q1 2017: 1.2
Q2 2017: 3.1
Q3 2017: 3.2
Q4 2017 (est.): 2.7