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Economy
In reply to the discussion: Weekend Economists Get Syri-ous August 30-September 2, 2013 [View all]xchrom
(108,903 posts)21. Consumer Sentiment in U.S. Fell Less Than Forecast in August
http://www.bloomberg.com/news/2013-08-30/consumer-sentiment-in-u-s-declined-less-than-forecast-in-august.html
Consumer confidence in the U.S. dropped in August from a six-year high as interest rates rose and tensions in the Middle East intensified.
The Thomson Reuters/University of Michigan final index of consumer sentiment for this month fell to 82.1, a four-month low, from 85.1 in July, which was the highest since July 2007. Economists in a Bloomberg survey called for 80.5, according to the median projection after a preliminary reading of 80.0
Higher mortgage rates are threatening to stall momentum in the housing market, and turmoil in Egypt and the threat of potential U.S. intervention in Syria is raising the specter of higher fuel prices. Though stocks have dropped this month, increased personal wealth from rising home values may help to contain the decline.
There was a good bounce in confidence a couple of months ago, and there has probably been a little bit of reversal in the last couple of months as mortgage rates have risen, Jim OSullivan, an economist at High Frequency Economics in Valhalla, New York and the top forecaster in Bloomberg data going back two years, said before the report.
Consumer confidence in the U.S. dropped in August from a six-year high as interest rates rose and tensions in the Middle East intensified.
The Thomson Reuters/University of Michigan final index of consumer sentiment for this month fell to 82.1, a four-month low, from 85.1 in July, which was the highest since July 2007. Economists in a Bloomberg survey called for 80.5, according to the median projection after a preliminary reading of 80.0
Higher mortgage rates are threatening to stall momentum in the housing market, and turmoil in Egypt and the threat of potential U.S. intervention in Syria is raising the specter of higher fuel prices. Though stocks have dropped this month, increased personal wealth from rising home values may help to contain the decline.
There was a good bounce in confidence a couple of months ago, and there has probably been a little bit of reversal in the last couple of months as mortgage rates have risen, Jim OSullivan, an economist at High Frequency Economics in Valhalla, New York and the top forecaster in Bloomberg data going back two years, said before the report.
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