Consumer confidence fell for the second month in a row, and growth in home prices slowed slightly as the housing market transitions, reports showed Tuesday.
Here’s a quick look at the most significant economic indicators of the day and what they mean for consumers.
Consumer Confidence Index
|June 2022||May 2022|
- The Number: Consumer confidence fell to its lowest level since February 2021, according to The Conference Board. Although people felt only slightly less sanguine about the economy as it is now, their confidence in the future plummeted.
- What the Economists Are Saying: Economists expected consumers to have lost some confidence in the economy, but not this much.
- What It Means for You: If you’re feeling discouraged about the state of the economy, you’re not alone.
S&P CoreLogic Case-Shiller U.S. National Home Price Index
|April 2022||March 2022||Monthly Percent Change||April 2021||Yearly Percent Change|
- The Number: The S&P Dow Jones index that measures home prices grew in line with a similar measure recorded by the Federal Housing Finance Agency. Both measures showed that the pace of year-over-year growth was a bit slower than in the previous month, likely because mortgage rates continue to squeeze potential home buyers.
- What the Economists Are Saying: Even with higher mortgage rates, the low number of houses for sale continues to push prices up.
- What It Means for You: Buyers and sellers should prepare for a housing market in which homes are staying on the market longer and price drops return to the bargaining table.
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The Conference Board. "U.S. Consumer Confidence."