US consumer confidence creeps up in October

| October 26, 2010 | 0 Comments

US consumer confidence edged higher in October to 50.2, from a revised 48.6 in September.

The reading from the closely-monitored Consumer Confidence Index from the Conference Board beat expectations of a level of 49.2.

However, while the index rose slightly, it remains far away from the 90 points required to show that the world’s largest economy is on solid footing.

Since the index commenced in 1967, the average reading has been 95.6.

Commenting on today’s figures, Lynn Franco, director of the Conference Board Consumer Research Centre said: “Consumer confidence, while slightly improved from September levels, is still hovering at historically low levels.”

In other US news today, house prices are losing momentum due to a high level of unsold repossessed properties.

According to the Case-Shiller index of 20 major US cities, US house prices fell 0.3% compared with the previous month, on a seasonally-adjusted basis.

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