6/4/2012 – the Grio and CNBC Market Update
Investors had quite a few economic reports to sift through last week, but everything was overshadowed by the disappointing jobs report. In May, the unemployment rate rose to 8.2% as only 69,000 jobs were created. This was the lowest number of jobs created in a year. Construction posted the biggest loss, while manufacturing showed the biggest gain. African American unemployment rose to 13.6 percent. Black teen unemployment, however, fell to 36.5%, but remains by far the highest of any group. In the week ahead, we expect data on the economy and consumer credit.
Gaining insight on the economy with the Federal beige book, which looks at economic trends from the Federal twelve districts such as Atlanta, Chicago and Dallas, the last report showed the economy continues to improve at a moderate pace driven by gains in auto and high-tech manufacturing.
The May report checks on the service sector from the Institute for Supply Management, which tracks construction, transportation and retail activity. In April, service sector growth declined, posting a 53.5 reading as new orders slowed to their lowest level in 6 months.
The April consumer credit report has consumer finances, which track credit card, auto and student loans. In March credit rose by 21.4 billion dollars, its highest level since 2001.
And that’s your CNBC Market Look Ahead for theGrio.com.