2/06/2012 – the Grio and CNBC Market Update
Last week investors were focused on Facebook and jobs…Facebook filed paperwork for a 5 billion dollar initial public offering — and the unemployment rate fell to 8.3 percent in January…as 243,000 jobs were created…Business services and manufacturing saw some of the biggest gains… African-American unemployment declined to 13.6 percent. And black teen unemployment fell sharply to 38.5 percent, but remains the highest of any group. In the week ahead…we expect earnings reports from Coca-Cola, Visa and Toyota as well as trade, consumer credit and sentiment data.
We’ll gain insight on trade with the December international trade report. In November the trade deficit grew to nearly 48 billion dollars — the widest trade gap since June 2011… As imports of autos and oil increased and U.S. exports declined by nearly 1 percent.
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We’ll gain insight on consumer finances with the December consumer credit report — which tracks credit card, auto and student loans. In November consumer credit surged by more than $20 billion dollars — this was the biggest increase in 11 years — boosted by strong auto sales and credit card use.
Are you feeling better about the economy? We’ll find out with the preliminary consumer sentiment report for February. In January sentiment rose to a to a 75 reading — as consumers’ outlook improved… 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.