Day of negative macro data for the United States. In January consumer confidence Americans fell far beyond analysts' expectations. According to reports from the Conference Board, the indicator fell to 61,1 points, from 64,8 in December (data revised from 64,5 points), while Wall Street experts expected an increase to 68 points.
“As regards the short-term future, consumers are optimistic thanks to the recent drop in unemployment – explains Lynn Franco, director of the Conference Board's research center -. However, they are still pessimistic about working conditions and income for the future. For example, the increase in the price of petrol last month also has an impact”.
As for the cost of labor, during the fourth quarter of 2011 reported modest growth, despite the still high unemployment rate. The Labor Department said the indicator rose 0,4% in the period considered, from 0,3% in the previous quarter. Analysts had expected a 0,5 percent increase.
Compared to the previous year, labor costs increased by 2% and benefits by 3,2%, driven by the increase in health insurance costs.
Finally, more bad news came this morning from real estate sector, which remains weak due to an economy still in trouble and a still high number of foreclosures (notices for non-payment of mortgage installments, which lead to the foreclosure of the property).
In November, the Standard & Poor's/Case-Shiller index, which measures housing price developments in the United States, recorded a further decline. The indices for the top ten and top twenty metropolitan areas both fell by 1,3% from the previous month, but compared to the same period last year, the decline is much more significant: 3,7% for the top twenty major areas.
