Last week the markets cheered Europe’s plan to resolve the region’s debt crisis. There was also quite a bit of economic data for investors to analyze…the economy grew by 2 and a half percent over the summer…new home sales jumped nearly 6 percent in September, and new claims for jobless benefits declined by 2-thousand to 402-thousand, but still signals a weak labor market. In the week ahead, we expect earnings reports from Kraft, Starbucks, and Honda as well as data on jobs, manufacturing and interest rates.
Where are the jobs? We’ll find out with the October jobs report. In September the unemployment rate held steady at 9 point 1 percent as 103-thousand jobs were created. Business services and health care saw the biggest gains. African American unemployment fell to 16 percent, while black teen unemployment declined to 44 point 2 percent, but remains the highest of any group.
Speaking of jobs…we’ll get a read on manufacturing with October report from the institute for supply management. In September production rose slightly to a 51 point 6 reading as companies hired more workers. A reading of 50 or higher signals expansion
The Federal Reserve will meet to discuss the economy and interest rates.
During their September meeting the fed left its key interest rate — which affect mortgage, credit card and student loan rates — unchanged and announced “operation twist” to bring down mortgage rates and spur the economy.
That’s your CNBC market look ahead for the Grio dot com. I’m Shartia Brantley.