Just when you thought it was okay to think positively about the direction of the economy…
Home prices fell more steeply than expected in November, and consumers turned less optimistic in January.
So, there are still some hurdles facing the bumpy economic recovery.
The S&P/Case-Shiller composite index of single-family home prices in 20 metropolitan areas, released on Tuesday, declined 0.7 percent on a seasonally adjusted basis, a bigger drop than the 0.5 percent economists expected.
Separately, the Conference Board’s Consumer Confidence index of consumer attitudes fell to 61.1 in January from 64.8 the month before, as Americans turned gloomy about the job market and income prospects, said the Conference Board, representing private companies.
Also weighing on the market was the Chicago Purchasing Manager Index report that showed business activity in the U.S. Midwest grew more slowly than expected in January - the index fell to 60.2 compared with a forecast of 63 - hurt by a weaker labor market.
“Ladies and gentlemen, the Captain has turned on the Fasten Seat Belt sign. Please take your seat and fasten your seat belt. And also make sure your seat back and folding trays are in their full upright position.”
Assistant State Treasurer
Chief Investment Officer
State of Louisiana
Department of the Treasury
445 North Blvd, 7th Floor
Baton Rouge, LA 70802
P.O. Box 44154 Capitol Station
Baton Rouge, LA 70804-4154
One City Plaza, 7th Floor
Corner of North Blvd & 4th Street
Exit 1B I-110 Convention Street,
Turn Left to get to North Blvd,
Turn Right on North Blvd