The unemployment figures were the big story this past week, as the drop to 5.8% is the lowest level since July of 2008. From the week prior, stocks saw a slight increase and mortgage rates dropped slightly.
Last week in the economy:
- The S&P 500 started the week at 2,018 and rose 0.69%, finishing the week at 2032.
- The unemployment rate declined to 5.8%, the lowest level since July 2008
- The economy added 214,000 jobs in October
- The employment data caused mortgage rates to drop slightly this week
- The ISM Manufacturing index declined to 57.1 in October (from 55.2 in September)
What's on the economic calendar for the week of November 10, 2014:
- Tuesday is Veterans Day. Stocks and futures will be open. Mortgage and Bond markets will be closed.
- Jobless claims will be released on Thursday
- Retail sales will be released on Friday
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Our trusted source for all economic news is First Turst Portfolios out of Wheaton, IL. For greater insights on these figures check out their blog here.