Archive Links

Consumer Archive
CU System Archive
Market Archive
Products Archive
Washington Archive
150x172_CUEffect.jpg
Contacts
LISA MCCUEVICE PRESIDENT OF COMMUNICATIONS
EDITOR-IN-CHIEF
MICHELLE WILLITSManaging Editor
RON JOOSSASSISTANT EDITOR
ALEX MCVEIGHSTAFF NEWSWRITER
TOM SAKASHSTAFF NEWSWRITER

News Now

Market
August Consumer Confidence Drops
NEW YORK (8/19/13)--With Americans confronting escalating interest rates and slowing  economic growth, U.S. consumer confidence unexpectedly dropped in August from a six-year high, according to the Thomson Reuters/University of Michigan Confidence Index (The New York Times, Bloomberg.com and Moody's Economy.com Aug. 16).

The index fell to 80 from 85.1 in July--the highest reading since July 2007. Economists had forecast an August reading of 85.2, according to a Bloomberg survey.

Rising mortgage rates could take the steam out of housing-market momentum that has added to economic growth nationwide, Bloomberg said.

However, rising personal wealth connected to stock portfolios and home values are helping to mitigate the effects of federal government budget cuts and higher payroll taxes instituted earlier in 2013, said Bloomberg.

Although the slightly rising mortgage interest rates never help the housing market, there remains a backdrop of what appears to be an ongoing improvement in the housing market, Bloomberg added.
RSS





print
News Now LiveWire
Registration now open for @CUNA @WOCCU summer conference in Denver July 12-15 http://t.co/opq1jypsXL #ACUC #CUinDenver2015
12 hours ago
Emergency loans post- #Blizzard2015 offered by @ScientFCU in Conn. http://t.co/U9tIBzPOZV
12 hours ago
Did you get your spot in the @CUCB #CherryBlossom 10 Mile Run? Check lottery results here http://t.co/6rxT0osyWJ @CU4Kids @CMNHospitals
12 hours ago
@FamilyFirstFCU has implemented a grant program through the FHLB of NY to help first-time home buyers.
13 hours ago
#BREAKING: @federalreserve offers few new hints on rate-hike timing in policy statement http://t.co/lgZ6zZ1Vrr
14 hours ago