On Tuesday, a survey data from New York-based business research group, The Conference Board, had laid out a shimmering ray of hope for a US economy which has been facing off an ominous outlook lately, as Conference Board reported that US Consumer Confidence rose modestly in January despite lingering frets over a record rise in pandemic cases in the United States.
Surprisingly, the survey data from Conference Board had also revealed that the US consumers had shown strong intent to purchase homes and automobiles over the next six months, suggesting that the manufacturing alongside an upbeat housing market would likely to anchor the world’s largest economy during the first half of 2021.
Apart from that, according to the survey data from Conference Board released earlier on Tuesday, the business research group’s consumer confidence index picked up in January to 89.3 from a reading of 87.1 in December, while several analysts were quoted saying that the gains in consumer confidence might be a by-product of a $892 billion in pandemic stimulus bill passed in the US Senate later last year.
US housing prices accelerate amid a steep shortage in supplies
Apart from that, other fiscal data released in the day had reported an upsurge in house prices, mostly meaded out of a steep shortage in supply chain in context of a race towards safety from the densely populated US cities, while a separate US housing market data had shown that the S&P CoreLogic Case-Shiller 20-metro-area house price index climbed as much as 9.1 per cent in November compared to the same time a year earlier.
Concomitantly, referring to a delayed rollout of a mass-scale vaccination in the United States, a Chief US economist at Oxford Economics in New York, Kathy Bostjancic said shortly after the announcement, “The slow rollout of the vaccines and the still-raging pandemic continue to depress consumer confidence despite the prospect of further fiscal aid and a brighter health situation”.