Construction data, Constellation Brands earns, jobs report
4 min readA look at some of the key business events and economic indicators upcoming this week:
HOME SWEET HOME
Construction spending has been mostly rising, thanks primarily to strength in residential construction.
In the first ten months of 2020, construction spending was up 4.3% over the same period in 2019. Single-family homebuilding has been a consistent bright spot for months as a lack of new homes has pushed builders to ramp up projects. The Commerce Department issues its November snapshot of U.S. construction spending Monday.
Construction spending, monthly percent change, seasonally adjusted:
June 1.0
July 1.1
Aug. 2.0
Sept. -0.5
Oct. 1.3
Nov. (est.) 1.0
Source: FactSet
TOASTWORTHY RESULTS?
Constellation Brands serves up its fiscal third-quarter results Thursday.
Wall Street predicts the wine, liquor and beer company’s earnings and revenue increased in the September-November quarter from a year earlier. That would follow two straight quarters of earnings growth for Constellation Brands, which has shifted its operations to accommodate a surge in demand for alcohol meant to be consumed at home, rather than in bars or restaurants.
EYE ON JOBS
Economists predict that America’s employers sharply scaled back hiring in the final month of 2020.
They expect the Labor Department will report Friday that nonfarm employers added 114,000 jobs in December. That would be the fewest jobs added since April and the sixth straight monthly slowdown. Most experts say the economy and job market won’t fully recover until the coronavirus can be controlled with an effective and widely used vaccine.
Nonfarm payrolls, monthly change, seasonally adjusted:
July 1,761,000
Aug. 1,493,000
Sept. 711,000
Oct. 610,000
Nov. 245,000
Dec. (est.) 114,000
Source: FactSet
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