Tuesday, September 27, 2005

U.S. Economy: Consumer Confidence, Home Sales Plunge

(from Bloomberg.com)

U.S. consumer confidence fell by the most in 15 years after Hurricane Katrina devastated the Gulf Coast and pushed gasoline prices to a record this month.

The consumer confidence index dropped to 86.6, the lowest in two years, from 105.5 in August, the New York-based Conference Board research group said today. New home sales sold in August at the slowest pace since November, falling 9.9 percent to a 1.237 million annual rate, the Commerce Department said in Washington.