3/1/10 – theGrio & CNBC Market Update
VIDEO - This week, attention shifts to labor and the consumer credit markets, and continuing reports on manufacturing and service...
TheGrio and CNBC team up to deliver a weekly report of money matters and market updates for our community.
CNBC’s Shartia Brantley reports:
Last week, Washington D.C. was the center of news. The health care debate captured attention as President Obama hosted a bipartisan summit to tackle critical issues in health care reform.
Economic relief efforts continued with the passage of a major Senate jobs bill to fight unemployment and the enactment of new credit card billing reforms from last year’s Credit CARD Act of 2009.
New insight into the massive Toyota recall emerged as company executives, including president and CEO Akio Toyoda, testified before a congressional committee about the manufacturing issues.
This week, attention shifts to labor and the consumer credit markets, and continuing reports on manufacturing and service.
Job creation takes center stage in the public sphere as the Dept. of Labor issues its February 2010 Employment Situation Summary on Friday. The national unemployment rate dipped to 9.7 percent in January, but more than 8 million Americans have lost their jobs since December 2007. African-American unemployment continues to rise, reaching 16.5 percent in January, while black teen unemployment dipped to nearly 44 percent – remaining the highest of any demographic group.
Debate still rages as to whether the year-old Stimulus Bill is benefiting all jobless Americans, regardless of race or class, or if more targeted approaches are necessary.
The state of finance around the country comes to light Wednesday with the Federal Reserve’s Beige Book. Through surveying banks and finance experts, the Beige Book provides a more regional look at credit, consumer spending and manufacturing.
Also due from the Fed this week, the January 2010 Consumer Credit Report gives insight into trends in non-mortgage debt, including credit cards, car notes, and student loans. Americans cut about $2 billion in debt in December, marking 11 straight months of decreased debt.
We’ll get a read on the manufacturing and service sectors with the February 2010 Report on Business due Monday from the Institute for Supply Management (ISM). Based on a survey of purchasers and business owners in the manufacturing and service sectors, the report is a leading indicator of U.S. economic development, with readings over 50 signaling expansion. Manufacturing posted a sixth consecutive month of growth in January, with a reading of 58.4 percent, while service saw slight expansion with a January reading of 50.5 percent.
Watch the video, exclusively on theGrio.com.
