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Business

Business week ahead

The Commerce Department delivers a report on sales

The Commerce Department delivers a report on sales of durable goods, including appliances, this week.   Credit: Newsday/Alejandra Villa Loarca

KEY EVENT: The state Labor Department on Wednesday releases April unemployment rates for Nassau, Suffolk and Long Island as a whole. The report is expected to show a drastic rise in local joblessness. Nationally, unemployment soared to 14.7 percent in April from 4.4 percent in March.

MONDAY: U.S. financial markets closed for Memorial Day.

TUESDAY: Three housing reports: April new-home sales from the Commerce Department, S&P Case-Shiller home prices for March and single-family home prices in March from the Federal Housing Finance Agency. Also, May consumer confidence from the Conference Board.

WEDNESDAY: The Federal Reserve releases the May beige book, a collection of preliminary economic data. Earnings: HP, Ralph Lauren.

THURSDAY: The Commerce Department releases its second estimate of first-quarter GDP. The initial estimate showed GDP fell at a 4.8 percent annual rate, worst drop since 2008. Also from the Commerce Department: April durable goods orders, an update on the demand for expensive products such as aircraft, major appliances and computers. And jobless benefits claims for the week ended May 23 from the Labor Department and April pending home sales from the National Association of Realtors. Earnings: Abercrombie & Fitch, Costco, Nordstrom, Salesforce.com, Ulta Beauty.

FRIDAY: Personal income and spending in April from the Commerce Department.

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