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US: Lower home sales but better consumer confidence – Goldman Sachs

FXStreet (Delhi) – Samuel Wong, Fixed Income Strategist at Goldman Sachs, notes that the latest release of July home sales data for the US was lower than the market expectations while the consumer confidence edged up in September for the world’s biggest economy.

Key Quotes

“The S&P/CaseShiller home price index unexpectedly declined in July (0.2% vs. consensus +0.1%), along with a downward revision to the decline in June (0.2% vs. 0.1% previously). Prices fell in eleven of twenty cities covered by the headline index. We do not read much into the June and July disappointments, as seasonal adjustment problems are probably resulting in downwardly distorted numbers in the spring and summer months and upwardly distorted numbers in the fall and winter. Smoothing through these effects, prices rose a solid 5.0% over the past year.”

“The index of consumer confidence edged up to 103.0 in September from 101.3 in August, in contrast to consensus expectations for a modest decline. The improvement reflected an upgrade in the index for households’ assessment of current conditions, which rose to 121.1 from 115.8.”

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