Home prices fell in September from August, which marks the first time prices have declined for three consecutive months in about four years
A version of this story first appeared in CNN Business’ Before the Bell newsletter. Not a subscriber? You can sign up right here. You can listen to an audio version of the newsletter by clicking the same link. What’s happening: Americans appear to be indulging in a healthy dose of retail therapy despite stubbornly high inflation and the possibility of a recession ahead.
The combination of inflation and interest rate hikes will continue to pose challenges to confidence and economic growth into early 2023,” said Lynn Franco, the Conference Board’s senior director of economic indicators, in a statement. Economists take this to mean that spending can’t stay this strong for much longer. At some point, the pandemic-era savings levy will break, said Chris Rupkey, chief economist of FwdBonds LLC, in a note on Tuesday.
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