TheGrio and CNBC team up to deliver a weekly report of money matters and market updates for our community.
CNBC’s Shartia Brantley reports:
There were several economic reports investors had to analyze last week. Home prices rose one percent in June, marking three months of gains. Manufacturing grew more than expected in August and marked 13 months of expansion.
But it was all about jobs last week, as the August unemployment rate increased slightly to 9.6 percent as 67,000 private sector jobs were added. African-American unemployment increased to 16.3 percent, while black teen unemployment jumped nearly 5 points to 45.4 percent, the highest of any group.
Investors have a short week of trading ahead, due to the Labor Day holiday, but can expect economic reports on consumer credit and foreign trade.
We’ll gain insight on the economy with the Federal Reserve’s September 2010 Beige Book, which looks at economic trends from the Fed’s twelve districts, including San Francisco, New York and Atlanta. The July report showed that economic growth was slowing overall, but manufacturing continued to expand and retail sales were up.
We’ll get a read on business with the July International Trade report. In June the U.S. trade deficit grew by nearly 19 percent as Americans purchased more goods from China. The nearly $50 billion gap was the biggest monthly increase since October 2008.
Are consumers cutting debt? We’ll find out with the July Consumer Credit report, which tracks debt from credit cards and auto and student loans. In June consumer credit declined by $1.3 billion – this was the smallest decrease in recent months.