Archive Links

Consumer Archive
CU System Archive
Market Archive
Products Archive
Washington Archive

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
Falling #gas prices: Pros, cons for U.S. economy #NewsNow #Market http://t.co/XWwwERwe7e
15 hours ago
Members of Interstate FCU have voted to merge with Credit Union of Southern California https://t.co/yYeSWEG4GH
17 hours ago
.@InfinityFCU has named Liz Hayes as president/CEO. Hayes was formerly EVP and chief administrative offficer at @Affinity_Plus
17 hours ago
.@wpcu battles Speedway in round 3 of Dayton Brand Madness via @DBJnews http://t.co/EbQL5f9be8
19 hours ago
New at #NewsNow: Fed regulators approve new #QRM rule. http://t.co/Bdz5q43xjZ
19 hours ago