jobless rate
Home prices and consumer confidence fallPosted by RJ and Makay on Mar 27, 2012 |
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U.S. home values dropped for the fifth month in a row to their lowest level since 2003, according to the S&P/Case-Shiller Index. The rolling three-month index, which is a composite of home prices in 20 U.S. cities, fell 0.8% in January. And over the past 12 months, prices have fallen 3.8% despite signs of an economic recovery. Of the twenty metropolitan areas in the index, only Miami, Phoenix and Washington D.C. saw increases.
The U.S. economy grew at a slower pace than previously estimated in the third quarter as companies reduced their inventories and reduced investment, according to the Commerce Department. The government cut its estimate of growth domestic product (GDP) to 2.0%, from a first estimate of 2.5%, based on new inventory and trade data. Surveyed economists had expected the government to trim its estimate to 2.3%.
U.S. consumer spending slowed in August as incomes decreased for the first time in almost two years, the Commerce Department reported last week. Purchases in August rose 0.2% after a 0.7% increase in July, while income decreased 0.1%. Take-home pay, adjusted for prices, fell 0.3%, the third decline in the past five months.
