Consumer Confidence Improves Going into Last Trading Week
Updated: Dec 27, 2022
The Senate approved the budget for fiscal year 2023, which contemplates spending of USD 1.7 trillion. It includes a defense budget valued at USD 858,000 million and 800,000 million in other items. This represents an increase of 9.3% over the previous year.
The Bureau of Economic Analysis of the US Department of Commerce upwardly revised the GDP estimates for the third quarter. The first estimate had been 2.6%, later revised to 2.9%, to finally settle at 3.2%, exceeding consensus forecasts, which expected it to remain at 2.9%.
Home sales fell 35.1% in November, the biggest drop recorded by Redfin Corporation, a company in charge of analyzing real estate brokerage in the United States.
The consumer confidence index, prepared by the Conference Board, shot up with a jump from 101.4 in November, to 108.0 for December.