Business

This Week: Construction data, Nordstrom earns, jobs report

The Commerce Department issues its January tally of U.S. construction spending Monday

A look at some of the key business events and economic indicators upcoming this week:

SPOTLIGHT ON CONSTRUCTION

The Commerce Department issues its latest tally of U.S. construction spending Monday.

Economists project that spending increased by a modest 0.7% in January. That would follow a 1% increase in December, as strength in spending on residential projects, particularly single-family homes, offset a sustained weakness in nonresidential construction. With mortgage rates at historic lows, housing has been a star performer over the past year even as the pandemic ravages other parts of the economy.

Construction spending, monthly percent change, seasonally adjusted:

Aug. 2.0

Sept. -0.2

Oct. 2.5

Nov. 1.1

Dec. 1.0

Jan. (est.) 0.7

Source: FactSet

UNHAPPY HOLIDAYS

Wall Street expects another lackluster quarterly report card from Nordstrom.

The upscale department store chain has been struggling to grow its sales through the pandemic, though it managed to follow up two quarterly losses with a smaller profit in the August-October quarter. Analysts predict the company will report Tuesday that its earnings and revenue fell in the November-January quarter versus a year earlier, reflecting a sharp decline in sales during the holiday shopping season.

ALL ABOUT JOBS

Economists predict hiring in the U.S. rebounded strongly in February after a dismal showing the previous month.

Nonfarm payrolls, monthly change, seasonally adjusted:

Sept. 716,000

Oct. 680,000

Nov. 264,000

Dec. -227,000

Jan. 49,000

Feb. (est.) 200,000

Source: FactSet

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