U.S. consumer confidence fell for a fourth straight month in November amid worri...
WASHINGTON - U.S. consumer confidence fell for a fourth straight month in November amid worries about current business conditions and employment prospects, but remained at levels sufficient to support a steady pace of consumer spending.
Though housing accounts for a fraction of gross domestic product, it has a bigger economic footprint. The rise in housing activity early in the fourth quarter suggests some support for the economy as it slows amid cooling consumer spending and persistent weakness in business investment and manufacturing.
Consumer confidence has retreated from a recent peak of 137.9 in October 2018. The 16-month trade war between the United States and China, which has bruised business sentiment, leading to a drop in capital expenditure that has contributed to a downturn in manufacturing, has been mainly blamed for the slide in consumer confidence.The Conference Board survey’s so-called labor market differential, derived from data on respondents’ views on whether jobs are plentiful or hard to get, fell to 32.
Economists polled by Reuters had forecast new home sales, which account for about 11.3% of housing market sales, would increase 1.1% to a pace of 709,000 units in October. Reports last week showed housing starts surging and building permits vaulting to more than a 12-year high in October, and home resales advancing. Though housing accounts for a fraction of gross domestic product, it has a bigger economic footprint.
The 30-year fixed mortgage rate is currently at 3.66%, still below its peak of 4.94% in November 2018, according to data from mortgage finance agency Freddie Mac.
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