Business

Economy still troubled Claudia Sonea

Despite the fact that Fed had finally made the half point rate cut that everyone expected, economy is still unbalanced and there are worries concerning the consumers spending power. When you add to that housing slump, the holiday season might be severely affected and the entire economy. When the National Association of Realtors announced that sales of existing homes declined again in August, the worries about job and economy become worst. S&P/Case-Shiller reported a home price fell of 3.9 percent in July based on a study of 20 cities. The consumer confidence study of the New York-based Conference Board showed that the index fell to 99.8, while the analysts expected 104.5. Lynn Franco, director of The Conference Board Consumer Research Center, stated that the reasons are a weak business market to which unfavorable jobs market it is added. The National Association of Realtors and The S&P/Case-Shiller showed on Tuesday that there is a nationwide decline in U.S. home prices. Moreover, on Tuesday, that will eventually become the black Tuesday because of all the bad reports, The International Council of Shopping Centers estimated a growth between 2.0 to 2.5 from the previous 2.5 on same-store sales that usually indicates retailer's health. Discounter Target Corp. and home improvement merchant Lowe's Cos. gave unfavorable forecast on Monday, while The Washington-based National Retail Federation said this holiday will be the slowest growth in sales since 1.3 percent rise in 2002. There are still expected new rate cuts from the Fed and the experts are having their eye on the job market, hoping that in October 10000 jobs will be available on the Labor department's chart. However the unemployment index is expected to rise. Say a pray and hope for the best.

related story: http://news.yahoo.com/s/ap/20070925/ap_on_bi_ge/economy;_ylt=AsxecFz39WjrgEQ5jdBcLRGs0NUE

by Claudia Sonea for PocketNews (http://pocketnews.tv)

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posted by Blog TechSource @ 1:53 AM