12/05/11 – the Grio and CNBC Market Update

VIDEO - The unemployment rate fell sharply to 8 point 6 percent in November as 120-thousand jobs were created...

Dec 5, 2011

Investors continued to monitor efforts to resolve Europe’s debt crisis last week, but also kept an eye on domestic data and jobs were front and center. The unemployment rate fell sharply to 8 point 6 percent in November as 120-thousand jobs were created. Business services and retail saw the biggest gains. African American unemployment rose to 15 point 5 percent. And black teen unemployment increased to 39 point 6 percent, remaining by far the highest of any group. In the week ahead, we expect reports on service jobs, consumer credit and sentiment.

We’ll check on the services sector with the November report from the institute for supply management — which tracks construction, transportation and retail activity. In October service sector growth dipped slightly to a 52 point 9 reading — it’s lowest level in three months — as demand declined for new orders.

We’ll gain insight on consumer finances with the October consumer credit report—which tracks credit card, auto and student loans. In September consumer credit rose by 7 point 4 billion dollars — boosted by strong auto sales. However, credit card use continued to decline
Are you feeling better about the economy? We’ll find out with the preliminary consumer sentiment report for December. In November sentiment held steady with a 64 point 1 reading, as consumers felt a little bit better about their current situation. Consumer sentiment is a gauge of consumer spending…

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