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Happy shoppers in aisle 2

Tuesday, February 28, 2012 - 01:00

Feb 28 - Economic hopes remain largely intact as American consumer confidence sits at a one-year high, offsetting a drop in orders for long-lasting manufactured goods and continued decline in home prices. Conway G. Gittens reports.

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American consumers are feeling more optimistic, with consumer confidence touching a one-year high in February. According to the Conference Board, shoppers are encouraged by an improving jobs market, which is offsetting concerns, for the time being, about the impact of higher gasoline prices. But other parts of the economy are less ebullient. Orders for large ticket items, known as durable goods, tumbled in January - in the biggest monthly drop in 3 years. Demand was weak across the board, suggesting economic growth may not be as strong as first hoped at the start of the year. And looking back to 2011, home prices ended on a dull note. Prices fell to their lowest point in 9 years in December, according to seasonally adjusted data from S&P/Case Shiller. Conway Gittens, Reuters

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Happy shoppers in aisle 2

Tuesday, February 28, 2012 - 01:00