Investors had quite a bit of data to digest last week. The Dow closed above the key 13,000 mark for the first time since May 2008.The economy grew by 3 percent during the fourth quarter, driven by business and consumer spending. And new claims for jobless benefits fell by 2,000 to 351,000, a level not seen since March 2008. This signals a steadily improving labor market.
In the week ahead investors await data on jobs, the service sector and consumer credit.
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Where are the jobs? We’ll find out with the February employment report. In January, the national unemployment rate fell to 8.3 percent. 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.
The Institute for Supply Management tracks construction, transportation and retail activity. It detailed that in January the service sector growth jumped to a 56.8 reading, its highest level in nearly a year, driven by an increase in new orders.
We’ll gain insight on consumer finances with the January consumer credit report, which tracks credit card, auto and student loans. Consumer credit rose by 19.3 billion dollars in December, boosted by strong auto sales and credit card use.
That’s your CNBC market look ahead for theGrio.com.