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US budget cuts 'hit consumer sentiment' | US budget cuts 'hit consumer sentiment' |
(about 5 hours later) | |
US consumer confidence fell sharply this month, a closely-watched report has suggested. | US consumer confidence fell sharply this month, a closely-watched report has suggested. |
The Conference Board's index of consumer attitudes fell by 8.3 points to 59.7 in March. | The Conference Board's index of consumer attitudes fell by 8.3 points to 59.7 in March. |
The research group primarily blamed the fall on the US federal budget cuts that came into force at the start of this month. | The research group primarily blamed the fall on the US federal budget cuts that came into force at the start of this month. |
Separate data on Tuesday from the Commerce Department was more positive, showing a rise in durable goods. | |
Sale of such long-lasting factory products rose by 5.7% in February, the biggest increase in five months. | |
Yet the Commerce Department also said that sales of new US homes fell in February. | |
Sale of new residential properties fell to a seasonally adjusted 411,000 in February, 4.6% lower than the 431,000 sold in January, which had been a five-year high. | Sale of new residential properties fell to a seasonally adjusted 411,000 in February, 4.6% lower than the 431,000 sold in January, which had been a five-year high. |
The government cuts - called the "sequester" cuts - came into force earlier this month. They were due to the federal government running out of funds before a new budget was finally agreed by the US Senate on 20 March. | The government cuts - called the "sequester" cuts - came into force earlier this month. They were due to the federal government running out of funds before a new budget was finally agreed by the US Senate on 20 March. |
"This month's retreat was driven primarily by a sharp decline in expectations, although consumers were also more pessimistic in their assessment of current conditions," said Lynn Franco, director of the Conference Board's economic indicators. | "This month's retreat was driven primarily by a sharp decline in expectations, although consumers were also more pessimistic in their assessment of current conditions," said Lynn Franco, director of the Conference Board's economic indicators. |
"The recent sequester has created uncertainty regarding the economic outlook, and as a result consumers are less confident." | "The recent sequester has created uncertainty regarding the economic outlook, and as a result consumers are less confident." |