Economist's Commentary: July 29, 2008
Quick Take on the Economy: July 29, 2008
By Jessica Lautz, Senior Research Analyst
Consumer Confidence Index
- The consumer confidence index was released today with a ranking of 51.9.
- The index held steady and slightly increased from the ranking in June of 51.0.
- Consumer's view on the labor market and business conditions remains bleak. Thirty-seven percent of consumers expect fewer jobs in the months ahead. Consumers who thought business conditions were bad was at 32.8 percent.
What does today's data mean for REALTORS® and consumers?
- While the ranking of 51.9 is an increase from last month, consumers are still feeling pessimistic about the economy overall.
- While gas prices have dropped slightly, consumers are feeling the pressure of rising costs in consumer goods and services, from the gas pump to groceries.
Daily Forecast Update
- NAR's monthly official forecast as of July 8th
- GDP Q2: 1.8%
- GDP Q3: 1.9%
- Unemployment rate by election time: 5.8%
- Average 30-year fixed mortgage rate in December: 6.6%
- Average 30-year fixed mortgage rate by mid-2009: 6.7%
- The next Fed policy change: a rate hike in December 2008.
This is one in a series of commentaries by the Research staff of the National Association of REALTORS®. Read more commentaries >
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