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Consumer, Housing Numbers Slump

Posted Jan 29, 08 11:14 AM CST in Business 

(Newser) – Consumer confidence fell a bit less than expected but still approached a 2-year nadir in January, reinforcing fears that Americans will put the brakes on personal spending. In other economic reports out today, the S&P/Case-Shiller housing-price index report showed a 7.7% year-over-year drop for November, Bloomberg reports, and durable good sales saw a better-than-expected rise in December.

“Until it starts to affect individuals, spending will stay positive,” said one economist, and there were positives in today’s reports. At 87.9, the Conference Board's measure of consumer confidence was low, but higher than the 87 analysts had predicted, and consumers’ view of the job market seemed to be improving.

Source Bloomberg

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Shoppers rush by Mannequins dressed in holiday outfits by the entrance to a Macy's Department Store in the Cherry Creek Mall in Denver on Wednesday, Dec. 19, 2007. (AP Photo/David Zalubowski)   (Associated Press)
Alyssa Good, from Cumberland, R.I., finishes her holiday shopping in a relatively empty Emerald Square Mall in North Attleboro, Mass., in this Saturday, Nov. 24, 2007 file photo. With Christmas only...   (Associated Press)
Jessica Quintana, left, buys a shirt at a Macy's in Denver in this Dec. 19, 2007, file photo. According to the RBC Cash Index, consumer confidence fell to an all-time low as worries about jobs, energy...   (Associated Press)
Holiday shoppers walk past a sale sign at Emerald Square Mall in North Attleboro, Mass., in this Saturday, Nov. 24, 2007 file photo. (AP Photo/Stew Milne, file)   (Associated Press)
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recession  • housing crisis  • home prices  • consumer confidence  • Consumer Price Index  • consumer confidence index  • Case Shiller price index


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