09/16/11 – the Grio and CNBC Market Update

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Besides monitoring the European debt crisis, investors had plenty of data to sift through last week… Consumer prices rose point 4 percent in august due to higher food and gas prices. New claims for jobless benefits rose 11-thousand to 428-thousand, the highest level in 3 months and industrial production grew slightly in august due to a rebound in auto manufacturing. In the week ahead, we’ll get a read on consumers with earnings reports from General Mills, Nike Bed Bath and Beyond, in addition to data interest rates and housing.

The Federal Reserve will meet to discuss the economy and interest rates. During their august meeting the fed kept its key interest rate —which affects mortgage, credit card and student loan rates – unchanged and announced it would remain at very low rates until 20-13 saying economic growth has been much slower than expected.

We’ll get two reads on the housing market…first up is the august housing starts report. In July new construction fell 1 point 5 percent reversing two months of gains.. And building permits — a gauge of future building activity — also fell by 2 point 6 percent.

We also expect the august existing home sales report, which looks at previously owned homes. In July sales dipped 3 and a half percent and housing inventory increased to more than 9 months of supply…highlighting the slow housing recovery…

That’s your CNBC market look ahead for the Grio dot com. I’m Shartia Brantley.