A look at some of the key business events and economic indicators upcoming this week:
The Commerce Department delivers its latest estimate of first-quarter economic growth on Wednesday.
Economists predict the U.S. economy, as measured by the gross domestic product, grew at a seasonally adjusted annual rate of 2.3 percent in the January-March quarter. The forecast takes into account a big pullback by consumers after a torrid pace of spending in the fourth quarter.
GDP, seasonally adjusted annual rate, by quarter:
Q4 2016: 1.8
Q1 2017: 1.2
Q2 2017: 3.1
Q3 2017: 3.2
Q4 2017: 2.9
Q1 2018 (est.): 2.3
ON A ROLL
Strong sales growth has helped keep profits climbing for Costco Wholesale.
The warehouse club operator served up better earnings and revenue in the first half of its current fiscal year. That followed a solid finish for the 12 months that ended in August. Financial analysts expect Costco will report Thursday that its latest quarterly results also improved from a year earlier.
ALL ABOUT JOBS
Economists predict hiring in the U.S. rose in May for the second month in a row.
They expect the Labor Department will report Friday that nonfarm employers added 190,000 jobs in May. That would represent an increase from April, when the economy added 164,000 jobs. The gains reflect an economy that has been steadily expanding for almost nine years following the worst financial meltdown since the Great Depression in the 1930s.
Nonfarm payrolls, monthly change, seasonally adjusted:
May (est.) 190,000