Consumer Confidence Numbers Blow The Lid Off Of Estimates; Housing Prices Also Show Improvement

Tuesday, September 25, 2012 09:27
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Consumer Confidence Numbers Blow The Lid Off Of Estimates; Housing Prices Also Show Improvement

Tags: economic indicators | Economic Outlook | economy

Consumer confidence rose to a seven-month high in September, significantly more than forecast. The Confidence Board’s index rose to 70.3. Estimates were for a rise to 63.1.

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People are more optimistic about finding a job and housing prices rose 1.2% from last year.
 
This is the largest increase in prices since August of 2010.
 
The unemployment rate seems stuck above 8% but the increase in housing prices improves sentiment since housing has the potential to lead the economy to recovery.
 
Markets are also rising and adding to people’s incomes. These two sources of increased income give hope to improving business conditions, which improves prospects for employment.  
 
Higher incomes and an improving business environment will likely spill over into consumer spending, which drives 70% of US gross domestic product.

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