8/30/10 – theGrio & CNBC Market Update
VIDEO - In the week ahead, jobs will continue to dominate headlines, along with housing and consumer confidence data...
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, investors sifted through quite a bit of economic data, as housing and labor reports impacted the market. Sales of previously-owned homes fell 27 percent in July to its lowest pace in 15 years. New home sales declined by 12 percent to its lowest annual rate of sales since record-keeping began in 1963.
In the labor market, new claims for jobless benefits declined by 31,000 – a greater decrease than expected. Despite this improvement, the 4-week moving average for unemployment rose to its highest level since late November.
In the week ahead, jobs will continue to dominate headlines, along with housing and consumer confidence data.
Where are the jobs? We’ll find out with the August 2010 Employment Situation Summary from the Dept. of Labor. In July the unemployment rate was unchanged at 9.5 percent, as the private sector added 71,000 jobs. African-American unemployment edged up last month to 15.6 percent, while black teen unemployment rose to 40.6 percent, the highest of any group.
We’ll get a read on the housing market with the S&P / Case-Shiller Home Price Indices—— for June. Each index tracks price changes in twenty metropolitan areas, such as Charlotte, New York and Tampa. In May home prices improved by 1.3 percent across all included metro regions.
With the back-to-school season upon us, we’ll also gain insight on consumer spending, with the August Consumer Confidence Index report from the Conference Board. In July the consumer confidence index dipped to a 50.4 reading as consumers continue to worry about the faltering labor market.
