Investors had quite a bit of economic data to sift through last week, such as negative housing data.
Sales of previously owned homes dipped slightly in March because of bad weather, and new home sales fell 14.5 percent due to higher prices. Consumer sentiment rose to a nine-month high in April as outlook on the economy improved.
In the week ahead, we expect data on jobs, interest rates and home prices.
Where are the jobs? We’ll find out with the April jobs report. In March, the unemployment rate remained at 6.7 percent as 192-thousand jobs were created. Professional and business services added the most jobs, however African-American unemployment rose to 12.4 percent. Black teen unemployment jumped to 36.1 percent, remaining by far the highest of any group.
The Federal Reserve will meet to discuss the economy and interest rates. The Reserve cut its bond buying program by another $10 billion per month and vowed to keep its key interest rate —which affects mortgage, credit and student loan rates — low for the foreseeable future.
We’ll check on housing with the February Case-Shiller Home Price Index Report — which tracks price changes in 20 metro areas such as Atlanta, Miami and Detroit. In January, home prices rose more than 13 percent compared to a year ago.