Four Major Retailers to Report Quarterly Earnings This Week

Four of America’s largest retailers will report quarterly earnings this week. U.S. households are responding to higher gas prices, inflation and borrowing costs. Home Depot reported a 5% increase in sales from a year earlier. The company’s chief financial officer told CNBC that homeowners are “more protected financially” than other customers, but noted that they’re still holding off on more expensive projects.

8% in April from a year ago, according to a Bank of America Institute report. The report found lower- and middle-income consumers were increasingly pulling back on discretionary spending categories like dining and entertainment. Wealthier households continued to spend at a healthy pace, supported by stock market gains and rising home equity values. 6% wage growth rate that month.

68% for a 30-year fixed loan, according to Mortgage News Daily. Higher benchmark interest rates from the Federal Reserve have a direct impact on consumer lending costs. “While households still have some near-term buffers — including tax refunds and savings — these too are unevenly distributed,” Bank of America economists said.