Housing Still Taking A Hit
Issue: 9/24/07 Monday
Today was another boring day in most markets. Oil was the big mover dropping another $1.42, falling below $80 per barrel with gasoline following it down. Thank goodness. Currencies are slowly and quietly continuing their climb against the dollar.
The latest economic reports offered fresh evidence that consumer sentiment is taking a hit amid the worst housing slump in more than a decade. In the reports, the Conference Board said its Consumer Confidence Index for September fell to its lowest level in almost two years and the National Association of Realtors reported sales of existing homes fell for a sixth straight month in August to the lowest point in five years.
The Consumer Confidence Index is closely followed by the Fed, and this fall in confidence should be showing through on lower consumer spending right now. Consumer spending is the most important economic driver in the
The markets moves followed mostly negative economic news. Not all findings were bad, however. The Federal Reserve Bank of
These reports take on even more significance as Wall Street speculates about what the Federal Reserve’s next move will be after last week’s half-point interest rate cut. Data that show the economy is continuing to slow could bolster the case for further cuts when the Fed meets next month.
Here are Today’s closing details:
