theGrio and CNBC Market Update: 10/21/13
CNBC - Last week investors cheered the end of the government shutdown with the S&P 500 reaching a new record high...
Last week investors cheered the end of the government shutdown with the S&P 500 reaching a new record high. Data such as Housing Starts and Industrial Production were not released due to the shutdown. However, we received the FED’s Beige Book, which monitors economic activity; it shows the economy continued to expand, boosted by housing and auto sales. In the week ahead, we expect Earnings Reports from McDonald’s, Xerox and UPS as well as jobs, housing and Sentiment data.
All eyes will be on the September Jobs Report. In August the Unemployment rate dipped to 7.3 percent as 169,000 jobs were created. Retail and Health Care added the most jobs. African-American unemployment increased to 13 percent, however, black teen unemployment declined to 38.2 percent, but remains by far, the highest of any group.
We’ll check on housing with the new home sales report for September. In August sales jumped nearly 8 percent, reversing a steep decline, but, the price of a new home declined by almost 1 percent to $255,000.
We also expect the final Consumer Sentiment Report for October. The preliminary report showed the government shutdown weighed on consumers. The 75.2 reading was the lowest since January. Consumer Sentiment is a gauge of spending.
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