This Week: Campbell Soup earnings, jobless claims, mortgage rates
A look at some of the key business events and economic indicators upcoming this week:
M’M! M’M! GOOD?
Campbell Soup Co. reports third-quarter financial results before the bell on Wednesday.
Wall Street analysts expect the soup and snack maker to post profit of 65 cents per share in the period on $2.24 billion in sales. Campbell’s beat expectations in the same period last year with 70 cents-per-share profit on $2.13 billion in revenue.
A LOOK AT LAYOFFS
On Thursday, the government gives its weekly tally of applications for unemployment benefits.
The Labor Department reported that U.S. applications for jobless claims ticked up slightly to 232,000 last week. The numbers are considered a proxy for layoffs. Americans have enjoyed unusual job security in recent years, despite high inflation and rising interest rates.
Initial jobless benefit claims, weekly, seasonally adjusted:
April 21: 229,000
April 28: 242,000
May 5: 231,000
May 12: 225,000
May 19: 230,000
May 26: 232,000
Source: FactSet
RATES RISING
Mortgage buyer Freddie Mac reports on average U.S. long-term mortgage rates Thursday.
The average rate on the benchmark 30-year home loan rose to 6.79% from 6.57% last week. It was the third increase in a row and boosted the average to its highest level since a surge in early November. The U.S. housing market has been slow to regain its footing this year, stifled by elevated mortgage rates and a thin inventory of homes.
Average rate on the benchmark 30-year, fixed-rate mortgage, weekly:
April 27: 6.43%
May 4: 6.39%
May 11: 6.35%
May 18: 6.39%
May 25: 6.57%
June 1: 6.79%
Source: Freddie Mac