Surprising Jump in U.S. Consumer Confidence, Home Prices Perk Up

Surprising Jump in U.S. Consumer Confidence, Home Prices Perk Up

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business is upConsumer confidence rose in August and home prices gained more than expected in June, easing some worries the economy is headed for another downturn soon. 

The data shows “the economy, while it is not going on all cylinders, is also not sliding into this double-dip recession that people are concerned about,” Eric Kuby, chief investment officer at North Star Investment Management Corp told ABC News.

U.S. consumer attitudes, seen as a gauge of consumer spending, rose to 53.5 in August from an upwardly revised 51.0 in July.

Consumer spending typically accounts for about two-thirds of U.S. economic activity and is considered critical to the recovery.

In another encouraging sign for the economy, prices of U.S. single-family homes gained more than expected in June and rose in the second quarter.

Separately, the FDIC said that problem loans fell in the second quarter for the first time in four years.

(READ more at ABC News)

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