The economic signs were optimistic if mixed last week, but this week's reports may clear up some of the confusion. Last week saw strong sales of existing and new-home sales, while a survey by the National Retail Federation of preliminary retail sales from the Black Friday weekend found more people are shopping, if spending less.
This week we learn on December 1 about auto sales for November while later in the week there are two reports on the all-important U.S. employment picture: weekly jobless claims on December 3–the same day that President Obama convenes a jobs summit at the White House–and the November employment picture on December 4.
Beginning on November 30, we see how world markets and central banks respond to Dubai World's liquidity problems that were first announced last week. So far, it appears that the backing of the United Arab Emirates's central bank may have helped restore confidence in the city-state's debt obligations.
Congress comes back to work this week as well for duties that will include resumption of debate by the full Senate November 30 on healthcare reform, H.R. 3590, a hearing by the Senate Banking Committee December 3 on Ben Bernanke's renomination as Federal Reserve chief, a day after the Fed releases its beige book, and hearings on OTC derivatives and systemic risk featuring testimony from Treasury Secretary Geithner by the Senate Agriculture, Nutrition, and Forestry committee. In the House, on December 2 the Financial Services Committee will vote on H.R. 3996, the "Financial Stability Improvement Act," and markup and vote on H.R. 2609, the Federal Insurance Office Act of 2009.
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