Indexes say that consumer confidence is down, home prices are up
Tuesday, September 24, 2013 3:23 PM
One measure of U.S. consumer sentiment declined this month due to concern over the outlook for hiring and wages, Bloomberg reported.
The Conference Board's consumer confidence index fell to 79.7, its weakest showing since May, following a reading of 81.8 a month earlier. The Conference Board is a New York-based private research group. The measure averaged 53.7 in the recession.
Uneven employment growth and limited pay increases may hurt consumer spending, and Middle East tensions and budget negotiations in Washington may prevent sentiment from rising next month.
In another report today, home prices in 20 U.S. cities rose in the 12 months through July by the most in more than seven years, according to this Bloomberg article.
The S&P/Case-Shiller index of property values increased 12.4 percent from July 2012, which was the biggest year-to-year advance since February 2006. Every city in the index had a year-over-year gain in property values.