In August the unemployment rate remained unchanged at 9 point 1 percent as zero net new jobs were created. This was the first time this has happened since 1945. African American unemployment jumped to 16 point 7 percent, while black teen unemployment soared to 46 point 5 percent, but remains the highest of any group.
In the week ahead investors await president Obama’s speech on jobs as well as several economic reports. One of the key reports is the fed’s beige book, which looks at economic trends from the fed’s twelve districts such as Atlanta, Chicago and Dallas. The last report showed economic growth has moderated. Consumer spending was up, but the labor market remained weak.
We’ll check on the services sector with the August report from the institute for supply management — which tracks construction, transportation and retail activity. In July service sector growth slowed to a 52 point 7 reading, the lowest level since February 20-10.
We’ll gain insight on consumer finances with the July consumer credit report—which tracks credit card, auto and student loans. In June consumer credit rose by more than 15 billion dollars — the largest gain in four years — driven by a sharp increase in auto loans and credit card use.
That’s your CNBC market look ahead for thegrio.com. I’m Shartia Brantley.