theGrio and CNBC Market Update: 12/23/13
Last week investors had several economic reports to digest.
The FED announced it will start to scale down its bond buying program used to help stimulate the economy starting in January as the economy improves. Housing starts surged nearly 20 percent in November -boosted by single family housing and new claims for jobless benefits rose by 10,000 to 379,000, its highest level since march. Raising concerns about the labor market recovery. In the week ahead, we expect data on housing, income and sentiment.
We’ll get a read on housing with the new home sales report for November. In October sales jumped more than 25%. However, the price of a new home fell by four and a .5 percent to nearly $246,000.
We’ll check on consumer finances with the November personal income and spending report. In October wage growth dipped slightly, while consumer spending increased by .3 percent, led by durable goods such as appliances.
We’ll also get the final consumer sentiment report for December. The preliminary report showed sentiment surged earlier in the month , to its highest level since July, with an 82.5 reading. As Americans were more optimistic about the economy and the labor market. Consumer sentiment is a gauge of spending.