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US growth outlook stronger due to consumer confidence and housing data

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US consumer confidence rises for the first time in six and a half years

According to an article from Reuters, confidence among US consumers has accelerated to it highest level in almost six and a half years this month. This increase, complemented by the surge in new home sales in May, are just the latest signs of a recovering US economy. This news follows the recent report from NAHB that builder confidence has increased lately.

According to The Conference Board who tracks consumer confidence, its index rose to 85.2 in June from 82.2 in May. It's understood to be the highest reading since January 2008.  Another report from the Commerce Department said new home sales vaulted 18.6 percent to a seasonally adjusted annual rate of 504,000 units, the highest level since May 2008. It's understood that the increase in sales was the biggest since January 1992.

Economists urge to consider the increases with caution and not get hopes too high, although admit that the data is encouraging for the US market. Forecasts had shown new home sales rising to a pace of only 440,000 units last but when compared year over year, sales were up by 16.9%.

Read the entire article from Reuters here.

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