U.S. consumer confidence ebbed in September as an escalation in trade tensions f...
WASHINGTON - U.S. consumer confidence ebbed in September as an escalation in trade tensions fanned concerns about business and labor market conditions, a potentially worrying signal for consumer spending, which has been driving the economy.
The Federal Reserve last week cut interest rates for the second time to offset the impact on the economy from the year-long trade war between the United States and China, and slowing global growth. The U.S. central bank lowered rates in July for the first time since 2008. The Conference Board said its consumer confidence index dropped to a reading of 125.1 this month from a downwardly revised 134.2 in August. The index was previously reported at 135.1 in August. Economists polled by Reuters had forecast it declining to 133.5 in September.
A trade deal between the two economic giants appeared elusive on Friday after Chinese officials unexpectedly canceled a visit to farms in Montana and Nebraska. President Donald Trump said on Tuesday he would not “accept a bad deal for the American people.” The Conference Board survey’s so-called labor market differential, derived from data on respondents’ views on whether jobs are plentiful or hard to get, fell to 33.2 in September from 38.3 in July. That measure closely correlates to the unemployment rate in the Labor Department’s employment report.
Other data on Tuesday showed mixed readings on house price inflation in July. The Federal Housing Finance Agency said house prices accelerated in July amid gains across the key regions, a trend that could offset some of the boost to the housing market from declining mortgage rates.
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