11/21/11 – the Grio and CNBC Market Update

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Jittery investors continued to react to Europe’s debt crisis last week, but they also received some pretty decent economic data… New home construction declined slightly in October, but building permits — a gauge of future building activity — rose sharply by nearly 11 percent…consumer prices dipped in October driven by lower food and gas prices…and new claims for jobless benefits fell by 5-thousand to 388-thousand —to its lowest level in seven months…in the week ahead investors await recommendations from the congressional super committee on how to tackle America’s deficit…as well as quite a few economic reports.

We’ll check the pulse of the economy with the second estimate of third quarter g-d-p —which looks at all the goods and services produced from July through September. The first estimate showed the economy grew by 2 and a half percent, a sharp increase from the previous quarter — erasing concerns about a double dip recession.

We’ll get a read on the housing recovery with the October existing homes sales report — which looks at previously owned homes. In September sales declined 3 percent and housing inventory increased to 8 and half months of supply as foreclosures continue to weigh on the housing market.

We’ll gain insight on consumer finances with the personal income and spending report for October. In September wages rose slightly, and spending increased by 6 tenths of one percent as consumer savings dipped to its lowest level since august 2009.
And that’s your CNBC market look ahead for theGrio dot com. I’m Shartia Brantley