Consumer outlook up, housing bottom may be near | www.charlotteobserver.com:
Americans felt better about the economy in August, as a barometer of sentiment posted the biggest boost in two years amid falling gas prices. Two reports suggested that a bottom could be nearing for the housing market, but economists caution it's too early to proclaim that the worst is over.
The Conference Board, a private research group, said Tuesday that its consumer confidence index rose to 56.9, up from a revised 51.9 in July. That's the largest gain since August 2006, and is ahead of the 53 expected by economists surveyed by Thomson/IFR.
It's also the second month in a row that sentiment improved, after a six-month slide since January - but it remains about half what it was a year ago, and worries about the job market persisted.
'It's still too early to call a bottom' on both confidence and housing, said Gary Thayer, senior economist at Wachovia Securities.
The Standard & Poor's/Case-Shiller U.S. National Home Price Index released Tuesday showed home prices dropped a record 15.4 percent during the second quarter. However, the rate of single-family home price declines slowed from May to June, a possible silver lining.
Sales of new homes rose in July, but still fell short of economists' expectations, and home prices continued to sink. Still, the July increase foll"
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