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News > Economy
Consumer confidence up
June 26, 2001: 10:09 a.m. ET

U.S. consumers more confident than expected; new home sales surge
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NEW YORK (CNNfn) - Consumer confidence soared in the United States in June, while new home sales surged in May, according to separate reports released Tuesday that showed signs of surprising strength in the world's largest economy a day before the Federal Reserve decides whether or not to cut interest rates.

The Conference Board, a research group based in New York, said its monthly index of consumer confidence rose to 117.9 in June from May's revised reading of 116.1. Wall Street economists polled by Briefing.com had forecast a reading of only 114.5.

Separately, sales of single-family homes rose 0.8 percent to an annual rate of 928,000 in May after falling a revised 4.5 percent to 921,000 units in April, the Commerce Department reported. Economists on average expected a rate of 900,000 units, according to a survey by Briefing.com.  graphic




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