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U.S. Economy received mixed news today
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Leading the economic news, the same group of economist that declared the recession began in December 2007 and ended October 2009. National Association for Business Economists (NABE) claims that the jobless market will improve over the next few months, according to NABE, President Lynn Reaser who is the chief economist at Point Loma Nazarene University said, "While the recovery has been jobless so far, that should soon change. Within the next few months, companies should be adding instead of cutting jobs. "
Existing-home sales were up 10.1% in October to a seasonally adjusted annual rate of 6.10 million according to National Association of Realtors. This is good news for aligning housing market, which has been struggling to find a bottom since 2006.
The dollar fell after the Federal Reserve official commented that the central bank should extends it mortgage-related assets purchase program. This suggests the Feds has no course of action to turn off the liquidity tap that has weekend the dollar.
Wall Street reacted favorability to the news pushing the DOW into triple digits gains and helping it reach a 13 month high. The DJIA closed up 116.99; Nasdaq was also in positive territory with a gain of 25.37, which to a mixed market for oil.
Oil was at a time was trading near the $80.00 mark, but ended slightly higher and settling at $77.62 on the New York Mercantile Exchange. The oil market lacks direction, which is good news for consumers as the holiday approaches.
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