theGrio and CNBC Market Update: 9/17/13
VIDEO - Consumer credit, which tracks credit cards, student and auto loans, grew by more than 10 billion dollars in July. However, consumers cut back on credit card use. Retail sales rose slightly in August due an increase in auto sales...
There was a quite a bit of economic data for investors to analyze last week.
Consumer credit, which tracks credit cards, student and auto loans, grew by more than 10 billion dollars in July. However, consumers cut back on credit card use. Retail sales rose slightly in August due an increase in auto sales.
Consumer sentiment declined in early September to a 76.8 reading, as higher interest rates dampened outlook. In the week ahead we expect a slew of economic data.
The Federal Reserve will meet to discuss the economy and interest rates. During their July meeting the Fed left its key interest rate, which affects mortgage, credit card and student loan rates, unchanged and vowed to keep rates low until the unemployment rate falls below 6.5 percent.
We’ll gain insight on the housing recovery with the August housing starts report. In July new construction rose nearly 6 percent, due to a surge in multifamily housing. While building permits, a gauge of future building activity, increased by 2.7 percent.
We’ll get a read on inflation with the August Consumer Price Index report, which tracks price changes for food, clothing and energy. In July consumer prices increased .2 percent, marking three consecutive months of gains- driven by higher gas prices.
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