theGrio and CNBC Market Update: 07/01/13
Investors had quite a bit of economic data to sift through last week. The economy grew by 1.8 percent during the first quarter, much less than expected. Home prices rose 1.7 percent in April; it was the biggest April gain in 7 years. Consumer wages and spending both grew in May. in the week ahead we expect data on jobs, manufacturing and auto sales
Where are the jobs? We’ll find out with the June employment report. In May the unemployment rate rose slightly to 7.6 percent as 175,000 jobs were created. Business services and retail added the most jobs. African American unemployment increased to 13.5 percent, while black teen unemployment rose to 42.6 percent, remaining by far, the highest of any group.
We’ll check on the manufacturing sector with the June report from the institute for supply management. In May growth slowed to a to a 49 reading, the first contraction in manufacturing in 6 months, as new orders declined and export demand softened.
We’ll gain insight on the health of the consumer with the June vehicle sales report. In May sales rose 2.7 percent, a little better than expected as the big 3, Ford, GM and Chrysler all posted gains. Chrysler was up 11 percent making it their best may in 6 years.