This Week: GM results, new home sales, third-quarter GDP
A look at some of the key business events and economic indicators upcoming this week:
SPOTLIGHT ON GM
Wall street expects that General Motors’ latest quarterly results declined from a year earlier.
The automaker is scheduled to report third-quarter earnings on Tuesday. GM said in July that it planned to cut vehicle production in the second half of this year as its factories prepared to switch to build newer models.
The Commerce Department releases new home sales figures for September on Wednesday.
A shortage of homes for sale combined with rising prices has translated into an affordability challenge for many would-be buyers. That’s one reason new home sales declined in July and August, though sales are running 7.5 percent higher this year than by this time in 2016.
New home sales, seasonally adjusted annual rate, by month:
Sept. (est.) 555,000
HURT BY HURRICANES?
Economists project that the U.S. economy’s rate of growth slowed in the July-September quarter.
Growth, as measured by the gross domestic product, increased at an annual rate of 3.1 percent in the second quarter, the fastest pace in more than two years. But the third-quarter’s GDP is expected to be lower in the wake of a string of devastating hurricanes. The Commerce Department delivers its first estimate of U.S. third-quarter economic growth Friday.
GDP, seasonally adjusted annual rate, by quarter:
Q2 2016: 2.2
Q3 2016: 2.8
Q4 2016: 1.8
Q1 2017: 1.2
Q2 2017: 3.1
Q3 2017 (est.): 2.5