theGrio and CNBC Market Update: 7/09/13
VIDEO - Economic data was top of mind for investors last week as they closely watched the jobs report...
Economic data was top of mind for investors last week as they closely watched the jobs report.
In June the unemployment rate held steady at 7.6 percent as 195,00 jobs were created. Leisure, hospitality, professional and business services added the most jobs. African-American unemployment edged up to 13.7 percent, while black teen unemployment increased to 43.6% remaining by far the highest of any group. In the week ahead, we expect data on small businesses, consumer credit and sentiment.
We’ll check the pulse of small businesses with the June survey from the NFIB. In May small business optimism rose to a 94.4 reading, the highest reading since May 2012, as businesses expect conditions to improve over the next 6 months.
We’ll gain insight on consumer finances with the May consumer credit report which tracks credit card, auto and student loans. In April consumer credit increased by 11 billion dollars, led by student loans.
Are you feeling better about the economy? We’ll find out with the initial consumer sentiment report for July. In June sentiment rose to an 84.1 reading, its highest level in 6 months. Sentiment is a gauge of consumer spending.
