Consumer Confidence Index soared in September, Home Price gains remained steady, Oil Prices declined in Tuesday’s trading
September 27, 2016
Tuesday – September 27
The Conference Board reported on Tuesday that its Consumer Confidence Index soared to 104.1 in September, the highest level since before the recession began in 2008. A Conference Board spokesperson said, “ Consumers are more upbeat about the short-term employment outlook, but somewhat neutral about business conditions and income prospects.” Within the report there were positive readings on describing jobs as “plentiful,” while consumers felt that business conditions are good. The proportion expecting more jobs in the months ahead increased from 14.4% to 15.1%, while those anticipating fewer jobs declined from 17.5% to 17.0%.
Home price gains remained steady in July as the sector continues to shine in a somewhat gray economy. The S&P/Case/Shiller 20-city Index rose 5.0% from July 2015 to July 2016. Low mortgage rates continue to fuel the housing sector, while the improving job market has also been a factor. Across the nation, prices rose 12.4% in Portland, +9.4% in Denver, +1.7% in New York, +3.7% in Chicago and +5.5% in Los Angeles.
Oil prices declined in Tuesday’s trading after Saudi Arabia and Iran dashed hopes for a production cut by the OPEC (Organization of the Petroleum Exporting Countries). OPEC members feel that a deal to posiibly cut production may not come until the formal OPEC meting in November. West Texas Intermediate oil fell to $44.33 a barrel in New York trading. That is down from the $50 seen at the end of June.