US consumer confidence drops, housing market firms on low mortgage rate


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US consumer confidence drops, housing market firms on low mortgage rate

On Tuesday, the 26th of November 2019, the US Confidence board had raised alarming bells over a further debarkation of slowdown concerns, as the world’s largest economy, which had been at its longest winning streak on record entering into its 124th straight month in a row, was experiencing a sharp downturn in consumer confidence in November ahead of a holiday quarter sales, while a worrisome outlook over present business investments alongside employment prospects which had little rooms to gain had been weighing on consumers’ sentiment.

Meanwhile, according to Tuesday’s (November 26th) Confidence board data, US Consumer confidence had dipped for the fourth consecutive month on November, while there had been an unprecedented drop in new home sales last month, but other housing market data including a robust home improvement expense alongside a cheery real estate outlook on existing home sales amid a multi-month low mortgage rate following three rate-cuts this year by the US Federal Reserve, had been shimmering housing market outlooks over the narratives of an easier monetary policy as briefed earlier.

Besides, the Confidence Board was quoted saying in its Tuesday’s (November 26th) statement that US consumer confidence index war dropped to a figure of 125.5 from an earlier 126.1 in October, while an analysts’ poll was expecting a reading of 127.0, nonetheless, addressing to a rosier part of a trade-war-struck US economy, a chief economist at Naroff Economic Advisors in Holland, Pennsylvania, Joel Narroff said, “The economy is growing, but it would take a politician to say it is in good, let alone great shape”.