US consumer confidence rose to a three-month high this month, while prices in the hard-hit housing sector stalled in October, breaking a five-month string of gains.
The consumer confidence reading released on Tuesday reinforced views that the economy is gradually recovering, and the October housing data from the widely watched Standard & Poor’s/Case-Shiller indexes was seen as indicating the market is stabilizing.
The Conference Board, an industry group, said its index of consumer attitudes rose to a reading of 52.9 this month from a revised 50.6 last month as job market pessimism eased and consumers’ expectations reached a two-year high.
“There were some small signs of weakness, but all in all, it’s a better number. It continues the trend of the US economy improving,” said Camilla Sutton, senior currency strategist at Scotia Capital in Toronto.
Despite some signs of optimism, consumers this month rated their present situation the worst since February 1983, the Conference Board said. The US economy has been struggling to rebound from the worst recession in decades.
The consumer confidence index beat analysts’ forecast of 52.5, which was based on a Reuters poll that ranged between 46.0 and 57.0. Last month’s reading was also revised higher from an originally reported 49.5.
The expectations index rose to 75.6 — the highest since December 2007 — from 70.3 last month.
Consumers’ labor market assessment also showed some signs of improvement, with the “jobs hard to get” index decreasing to 48.6 from 49.2.
Consumers rated their present situation the worst since February 1983, with that index falling to 18.8 from 21.2.
The “jobs plentiful” index also fell, dropping to 2.9 — also its lowest since February 1983 — from 3.1.
In housing, the S&P composite index of home prices in 20 metropolitan areas was flat in October, falling short of expectations for a 0.2 percent rise. September’s index was revised upward to a gain of 0.4 percent, from a previously reported 0.3 percent.
RULES BROKEN: The MAC warned Chinese not to say anything that would be harmful to the autonomous status of Taiwan or undermine its sovereignty A Chinese couple accused of disrupting a pro-democracy event in Taipei organized by Hong Kong residents has been deported, the National Immigration Agency said in a statement yesterday afternoon. A Chinese man, surnamed Yao (姚), and his wife were escorted by immigration officials to Taiwan Taoyuan International Airport, where they boarded a flight to China before noon yesterday, the agency said. The agency said that it had annulled the couple’s entry permits, citing alleged contraventions of the Regulations Governing the Approval of Entry of People of the Mainland Area into the Taiwan Area (大陸地區人民進入台灣地區許可辦法). The couple applied to visit a family member in
CELEBRATION: The PRC turned 75 on Oct. 1, but the Republic of China is older. The PRC could never be the homeland of the people of the ROC, Lai said The People’s Republic of China (PRC) could not be the “motherland” of the people of the Republic of China (ROC), President William Lai (賴清德) said yesterday. Lai made the remarks in a speech at a Double Ten National Day gala in Taipei, which is part of National Day celebrations that are to culminate in a fireworks display in Yunlin County on Thursday night next week. Lai wished the country a happy birthday and called on attendees to enjoy the performances and activities while keeping in mind that the ROC is a sovereign and independent nation. He appealed for everyone to always love their
‘EXTREME PRESSURE’: Beijing’s goal is to ‘force Taiwan to make mistakes,’ Admiral Tang Hua said, adding that mishaps could serve as ‘excuses’ for launching a blockade China’s authoritarian expansionism threatens not only Taiwan, but the rules-based international order, the navy said yesterday, after its top commander said in an interview that the Chinese People’s Liberation Army (PLA) could blockade the nation at will. The object of Beijing’s expansionist activities is not limited to Taiwan and its use of pressure is not confined to specific political groups or people, the navy said in a statement. China utilizes a mixture of cognitive warfare and “gray zone” military activities to pressure Taiwan, the navy said, adding that PLA sea and air forces are compressing the nation’s defensive depth. The navy continues to
MISSILE MISSION: The Chungshan Institute of Science and Technology said it does not make policy, but would be glad to obtain certification to assemble the missiles The Ministry of National Defense-affiliated Chungshan Institute of Science and Technology is in the process of getting certified to assemble an additional 1,985 Stinger missiles on top of those from US arms sales, a senior defense official said yesterday. Washington is to send a team to Taiwan to evaluate the institute’s manufacturing capabilities and information security, said the official, who commented on condition of anonymity. The ministry initially bought 500 missiles for the army and navy, but later increased the order to 2,485 in response to an increase in Beijing’s military activities around the nation, and to meet the army’s urgent need
RSS