6/7/10 – theGrio & CNBC Market Update
VIDEO - This week, the unemployment rate fell slightly to 9.7 percent as more than 431,000 jobs were created, but the majority of them were temporary census jobs...
TheGrio and CNBC team up to deliver a weekly report of money matters and market updates for our community.
CNBC’s Shartia Brantley reports:
Investors had to sift through several economic reports last week, but the May jobs report dominated headlines. The “unemployment rate fell slightly to 9.7 percent as more than 431,000 jobs were created, but the majority of them were temporary census jobs.
Private sector job growth slowed as employers increased employee hours instead of hiring new workers.
African American unemployment dipped to 15.5 percent, while black teen unemployment rose to 38 percent, still the highest of any group.
In the week ahead, investors await reports on the economy, small businesses, and consumer credit
The Federal Reserve will release its Beige Book which provides a snapshot of the economy from the Fed’s twelve districts such as Boston, Dallas and New York.
The last report showed the economic recovery was gaining steam, but the labor market remained weak.
We’ll check the pulse of small businesses with the May survey from the National Federation of Independent Business (NFIB).
The April survey showed small business optimism improved nearly 4 points to a 90.6 reading, the highest reading in months – but companies still do not plan to hire or buy new equipment.
Are Americans continuing to pile on debt? We’ll find out with the April Consumer Credit report – which looks at credit card, car and student loans.
In March, consumer credit rose by 1 percent. Americans carry about $2.5 trillion in debt.
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