5/23/2011 – theGrio and CNBC Market Update
VIDEO - In march, new home sales rose 11 percent, much more than expected. the median price of a new home rose nearly 3 percent to 214,000 dollars...
Besides mixed earnings reports from major retailers, there were quite a few economic reports for investors to digest last week. Housing starts fell by 10.6 percent in April and building permits – a gauge of future building activity also declined.
Industrial production was flat in April as parts shortages stemming from the Japanese quake caused a slowdown in auto production. New claims for jobless benefits declined by 29,000 the second week of improvement and may point to a stronger job market. In the week ahead investors await reports on GDP, housing and income.
We’ll gain insight on the economy with the second estimate of first quarter GDP, which looks at all the goods and services produced from January thru March. The previous estimate showed the economy grew by 1.8 percent, much slower than the previous quarter due to higher gas prices and bad weather we’ll get a read on housing with the new home sales report for April.
In march, new home sales rose 11 percent, much more than expected. the median price of a new home rose nearly 3 percent to 214,000 dollars.
We’ll check the pulse of consumer spending and finances with the April personal income report. In march consumers saw their wages increase by a half of one percent while spending slowed down a bit due to higher gas prices.
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