US consumer confidence remained near its lowest level in two years in September, a key survey showed today, as politicians continued to battle over how to boost the economy and add jobs.
The Conference Board's consumer confidence index edged up just slightly from its August level of 45.2, to 45.4. The figure had crashed in August, losing 14 points, leading to some speculation that it had been an aberration.
But today's figures showed that US consumers still remain deeply skeptical about the track of the economy.
"The pessimism that shrouded consumers last month has spilled over into September," said Lynn Franco, research chief at the Conference Board.
"Consumers expressed greater concern about their expected earnings, a sign that does not bode well for spending. In addition, consumers' assessment of current conditions declined for the fifth consecutive month, a sign that the economic environment remains weak,'' Franco said.
US housing prices still weak in July: Case-Shiller
US housing prices picked up in the traditionally hot-sales month of July over June, but not enough to say the market was recovering from its four-year slump, new data showed today.
Prices across 20 major urban areas rose 0.9% in July, but when adjusted for seasonality, they were flat, and still 4.1% lower than a year earlier, according to the S&P/Case-Shiller Home Price Indices.
The trend of four months of price rises in a row, on a non-seasonal basis, suggests some strength returning to the market, according to S&P analysts.
Unadjusted prices were up in 17 of the 20 metropolitan regions, but year-over-year, only two had improved in July - Detroit, Michigan, and Washington, DC - according to the S&P data. It also showed that prices nationwide remained at the level of mid-2003.
