Positive feelings stirred up by the uptick in home values as measured by the Case-Shiller Home Price Index were countered with today's release of "new home sales" data. Sales for September came in at an annualized rate of 402,000 units, well below expectations for something in the 440,000 unit neighborhood.
Wall Street's mood was also soured by disappointing numbers in the Conference Board Consumer Confidence survey. The reading came in at 47.7 compared to expectations in the 54.0 area. Consumers are not feeling especially buoyant. And, the don't exactly figure that Washington has the answers. Polling data published in The Wall Street Journal today revealed that:
Just 23% said they trust Washington to do what is right most of the time or just about always, a level not seen since 1997, 1995 and before that 1982, the last time unemployment reached the current level.
The road to sustained, broad economic recovery still seems uphill.
