5/30/2011 – theGrio and CNBC Market Update

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There were quite a few economic reports for investors to sift through last week. The economy grew much slower than expected during the first quarter, new home sales rose more than 7 percent in April, reaching a four month high. The new claims for jobless benefits rose by 10,000, snapping three weeks of improvement. The markets are closed Monday for Memorial Day, but investors await data on jobs, housing and consumer confidence in the week ahead.

We’ll gain insight on the economy with the May jobs report. In April, the unemployment rate increased to 9 percent as more people looked for jobs, business services, retail and health care were among sectors showing job gains. African-American unemployment rose to 16.1 percent while black teen unemployment declined to 41.6 percent, but remains the highest of any group.

We’ll get a read on housing with the March Case-Shiller home price index report – which tracks price changes in metro areas such as Atlanta, New York and Tampa. In February, home prices fell two tenths of one percent – marking eight straight months of decline and suggests the housing recession is far from over.

How do you feel about the economy? We’ll find out with the May consumer confidence report. In April confidence rose to a 65.4 reading – as concerns over the labor market and inflation subsided a bit a reading over 90 indicates a healthy economy. Consumer confidence is a gauge of consumer spending.