Consumer, Housing Numbers Slump

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. (More consumer confidence stories.)