A look at some of the key business events and economic indicators upcoming this week:
Wall Street expects that Netflix closed out 2020 with another solid quarter.
The video streaming service has been riding a wave of popularity as people spend more time at home due to the pandemic. The company gained 28 million subscribers globally during the first nine months of last year, already eclipsing its growth for all of 2019. That gave Netflix the confidence to raise most prices in the U.S. between 8% and 13% in the fall. Netflix dials up its fourth-quarter results Tuesday.
SPOTLIGHT ON UNEMPLOYMENT
The Labor Department issues its weekly tally of U.S. unemployment aid applications Thursday.
Economists expect the number of Americans who filed for unemployment aid in the week ended January 15 fell to 803,000 after surging the previous week to 965,000, the most since August. Jobless claims are running almost four times their level from before the pandemic. Employers continue cutting jobs as rising infections keep many people at home and governments impose tighter restrictions on businesses.
Initial jobless benefit claims, weekly, seasonally adjusted:
Dec. 11: 892,000
Dec. 18: 806,000
Dec. 25: 782,000
Jan. 1: 784,000
Jan. 8: 965,000
Jan. 15: (est.) 803,000
HOME SWEET HOME
The housing market is showing some signs of cooling after months of strong gains.
Sales of previously occupied U.S. homes fell 2.5% in November to a seasonally adjusted 6.69 million annualized units. That’s the first decline since May. Ultra-low mortgage rates have helped entice would-be homebuyers, driving sales and home prices higher, despite economic uncertainty due to the pandemic. The National Association of Realtors reports its December tally of previously occupied U.S. homes Friday.
Existing home sales, in millions, seasonally adjusted annual rate:
Dec. (est.) 6.37