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Weak U.S. Economy May Stay that Way Until 2014
Sluggish factory output and slumping home sales in September signaled that the U.S. economy was weak even before the government shutdown earlier this month, Bloomberg News reports.
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Sluggish factory output and slumping home sales in September signaled that the U.S. economy was weak even before the government shutdown earlier this month, Bloomberg News reports.
The Federal Reserve says manufacturing grew by a downwardly revised 0.5% in August and only 0.1% in September. Growth in auto production accounted for more than half the improvement in August and all of it in September. The Fed says vehicle and components output in the U.S., which rose 5% in August, increased 2% last month.
Sales of previously owned homes fell nearly 6% last month the biggest drop in more than three years, according to the National Assn. of Realtors. Bloomberg notes that mortgage rates hit a two-year high in September, suggesting slower expansion ahead for the real estate market.
Analysts tell the news service they expect Americans to remain cautious in the fourth quarter. Whether consumer confidence rises will depend in part on how they interpret Congress's agreement to fund the federal government into early 2014.
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