Loading ...Consumer Confidence Up, Home Prices Down
The Conference Board’s index of consumer confidence rang in above estimates for the month of April. The 12.3-point gain ousted expectations of a five-point increase — launching this month’s gain to the fourth highest in the index’s 32-year history.
April’s increase led to the index’s highest-monthly reading since last November. Despite opinions that current conditions remain weak, consumer outlook for the future are improving. The index’s expectations component rose by over 19 points to its highest reading since last September.
US Economy Remains Consistently OK
US Industrial Production rose by a better-than-expected 0.2% in July, a mellow reading, yet still higher than recessionary numbers. Manufacturing gained 0.4% for the July, the best reading observed in 10 months. Strong showings in automobile production and mining canceled out a 1.9% drop in utilities. Motor vehicle output increased 3.6% for the month, recovering strongly from dismal numbers in the last couple of readings. Eliminating motor vehicle output, manufacturing rose just 0.1%, consistent with the year’s meager, yet positive readings.
The dollar is rising across the board, gaining strength as foreign economies begin to struggle. The dollar has risen 5% against the Euro in August alone, and rose against the yen this morning. If oil prices continue to fall, the dollar should strengthen even more.
