This Week: Consumer confidence, CarMax earns, jobs report
A look at some of the key business events and economic indicators upcoming this week:
The Conference Board issues its monthly snapshot of U.S. consumer confidence Tuesday.
Economists project the consumer confidence index rose to 93.1 in March. That would be the third straight monthly increase and the highest reading since October. The index rose in February as the rollout of COVID-19 vaccines accelerated and new cases declined. The index gauges consumers’ assessment of current business and labor market conditions. A reading of 90 or better reflects a healthy economy.
Consumer confidence, by month:
March (est.) 93.1
Wall Street expects that CarMax’s latest quarterly report card will show mixed results.
Analysts predict the Richmond, Virginia-based used-car chain will report Thursday that its fiscal fourth-quarter earnings declined from a year earlier, even as revenue increased. While CarMax has benefited from growing demand at the wholesale level, the company’s overall used vehicle sales through the nine months ended Nov. 30 were down versus the same period in 2019.
ALL ABOUT JOBS
Economists project that hiring in the U.S. accelerated for the third straight month in March.
The Labor Department is expected to report Friday that nonfarm employers added 490,000 jobs in March. That would follow a gain of 379,000 jobs in February and 166,000 in January. The surge in hiring suggests that a year after the pandemic took hold, the economy is strengthening as virus cases drop and vaccinations ramp up.
Nonfarm payrolls, monthly change, seasonally adjusted: