This Week: Development spending, Uber earns, jobs report

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

ECONOMIC BELLWETHER

The Commerce Department serves up its latest monthly snapshot of U.S. construction spending Monday.

Economists project that spending increased 1.7% in March. That would be the biggest monthly increase since December. Construction spending fell 0.8% in February, likely because of unseasonably cold weather and winter storms in the south. Spending has remained strong in new home construction since the pandemic. Construction spending on homes and apartments soared more than 21% in the 12 months ended in February.

Construction spending, monthly percent change, seasonally adjusted:

Oct. 2.5

Nov. 1.4

Dec. 2.1

Jan. 1.2

Feb. -0.8

March (est.) 1.7

Source: FactSet

HAIL THIS

Wall Street expects to see less red in Uber Technologies’ latest quarterly report card.

Analysts predict the ride-hailing company narrowed its loss in the first quarter versus a year earlier, even as revenue declined. While coronavirus lockdown restrictions last year limited the number of people seeking rides via Uber, the company benefited from a surge in restaurant takeout orders via its Uber Eats delivery service. Uber serves up its quarterly results Wednesday.

HIRING SPREE

Economists predict hiring in the U.S. increased in April for the fourth straight month.

They expect the Labor Department will report Friday that nonfarm employers added 1 million jobs in April. That would follow a surge in March when the economy added 916,000 jobs. Even with the March increase, the economy remains more than 8 million jobs short of the number it had before the pandemic. Still, many economists expect the recovery to strengthen, leading to more hiring this year.

Nonfarm payrolls, monthly change, seasonally adjusted:

Nov. 264,000

Dec. -306,000

Jan. 233,000

Feb. 468,000

March 916,000

April (est.) 1,000,000

Source: FactSet

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