5/31/10 – theGrio & CNBC Market Update

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 had quite a bit of economic data to analyze. The economy grew 3 percent during the first quarter, a little less than previously thought.

New and existing home sales were up in April as buyers took advantage of the first time home buyer tax credit.

And consumer confidence rose in May as job prospects improved.

The markets are closed Monday for the Memorial Day holiday, but investors expect reports on employment, manufacturing and housing upon their return.

Where are the jobs?
We’ll find out with the May employment report.

In April the unemployment rate rose to 9 point 9 percent as more people re-entered the labor market.
African American unemployment was unchanged at 16 point 5 percent, while black teen unemployment dipped to 37 point 3 percent, still the highest of any group.

We’ll get a read on the manufacturing and service sectors with the May reports from the institute for supply management. In April, manufacturing posted a reading of 60 point 4 percent, which was the ninth consecutive month of gains, while the service sector was flat in April with a reading of 55 point 4 (a reading above 50 signals expansion).

We’ll check in on housing with the April pending home sales report, which measures contract activity. The March report showed a 5 point 5 percent increase in signed contracts helped by the home buyer tax credit.