theGrio and CNBC Market Update: 10/18/12
Investors had plenty of data to sift through last week. We received some positive housing data: foreclosure filings fell by 7 percent in September to its lowest level in 5 years, small business optimism was relatively unchanged in September with a 92.8 reading as businesses expect conditions to improve in 2013, and new claims for jobless benefits fell by 30,000 to 339,000, its lowest level in more than four years. In the week ahead, we expect earnings reports from Citi Group, Coca Cola, and Verizon. We’ll also get housing and inflation data.
We’ll get two reports on housing, starting with the September housing starts report. In august new construction rose by 2.3 percent and added to economic growth for the first time since 2005, while building permits, a gauge of future building activity, slipped 1 percent.
We’ll also get the September existing home sales report, which looks at previously owned homes. In August resales jumped 7.8 percent, and the median sales price rose nearly 10 percent to $187,400.
We will gain insight on inflation with the September consumer price index report, which tracks price changes for food, clothing and energy. In August prices rose 6 tenths of one percent, marking its first increase since March due to higher gas prices.
That’s your CNBC market look ahead for theGrio.com