This Week in Business: retail sales, Target results, existing home sales
The Commerce Department on Tuesday releases retail sales data for April.
Analysts expect that sales improved last month, rising 0.8% from March to April. In March, Americans cut their spending at retail stores for the second straight month, a sign consumers are becoming more cautious after a burst of spending in January. Retail sales fell 0.6% in March from February.
Retail sales, monthly percent change, seasonally adjusted:
Source: U.S. Department of Commerce
Retailer Target reports its latest quarterly financial results on Wednesday.
Wall Street analysts expect Minneapolis-based Target made $1.77 in the period on sales of $25.3 billion. In the same period last year, Target missed profit projections, posting earnings of $2.19 per share. In February, Target announced plans to invest as much as $5 billion this year expanding services for customers, including a drive up service for returns, store renovations and online shopping upgrades.
The National Association of Realtors releases monthly data for sales of existing homes on Thursday.
In March, sales of previously occupied U.S. homes fell 2.4% from February and 22% from March 2022. Rising mortgage rates and low supply have made it tough for home buyers, especially first timers. The good news is that home prices are on the decline. NAR said the national median home price slipped to $375,700, the biggest annual median drop in more than a decade.
U.S. home sales by month, seasonally adjusted annual rate:
Nov.: 4.12 million
Dec.: 4.03 million
Jan.: 4 million
Feb.: 4.58 million
March: 4.44 million
April (est.): 4.33 million
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