Events in Europe remained top of mind for investors last week, but there were quite a few economic reports as well…consumer credit rose by more than 7 billion dollars as consumers bought cars and applied for student loans, but credit card use declined…fixed 30-year mortgage rates fell below 4 percent, for only the second time in history and new claims for jobless benefits fell by 10-thousand to 390-thousand — and may signal some stabilization in the labor market. In the week ahead we expect housing, production and inflation data.
We’ll check on housing with the October housing starts report. In September new construction jumped 15 percent — the fastest pace of growth in 17 months — due to explosive growth in multi-family units, but building permits — a gauge of future building activity — fell by 5 percent
We’ll gain insight on the economy with the October industrial production report— which tracks activity in manufacturing, mining and utilities. In September industrial production was up slightly. Manufacturing improved as auto production remained strong but utility usage declined.
We’ll get a read on inflation with the October consumer price index report —which tracks price changes for food, clothing and energy—-in September prices rose 3 tenths of one percent driven by higher food and gas prices.
And that’s your CNBC market look ahead for the Grio dot com. I’m Shartia Brantley.