The Consumer Confidence Index fell from 62.8 in April to 57.2 in May, a 16-year low and below the forecast of a drop to 60.0. The drop in home prices, high price of gasoline and the weak job market are hurting sentiment.
New home sales rose 3.3% to an annualized rate of 526,000 units in April, just above the forecast of 520,000 units. However, March was revised downward.
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