Besides monitoring austerity measures in Europe, investors received several economic reports last week… The economy grew by 1.3 percent from April thru Jun, slower than expected due to the drought.  Home prices rose by 1.2 percent in July, compared to a year ago, and new claims for jobless benefits fell by 26,000 to 359,000, its lowest level in two months.  In the week ahead, investors expect data on jobs, manufacturing and consumer credit.

Where are the jobs? We’ll find out with the September jobs report. In August the unemployment rate fell to 8.1 percent as 96,000 jobs were created. Food services and professional and business services saw the biggest gains.  African-American unemployment held steady at 14.1 percent, while black teen unemployment rose to 37.9 percent, remaining the highest of any group.

We’ll get another look at jobs with the September manufacturing report from the institute for supply management. In August production growth slowed for the third straight month, posting a 49.6 reading, as new orders showed weakness. A reading below 50 shows contraction.

We’ll gain insight on consumer finances with the August consumer credit report, which tracks credit card, auto and student loans.  In July, consumer credit fell by $3.3 billion, the first decline in nearly a year as Americans cut back on credit card use.

And that’s your CNBC market update for