The Commerce Department this morning reported new home sales in September fell 3.6 percent. That snaps a series of five consecutive months of sales increases. Over the past 12 months, sales are down 7.8 percent and prices during that time have declined 9.1 percent. However, one component of the survey suggests that could be changing. Inventories of unsold new homes dropped to just 251,000 units nationwide, the lowest level since November 1982. And, with new home construction activity almost nonexistent, the supply should continue to shrink well into 2010.
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A new survey from the Consumer Electronics Association finds that consumer confidence rose this month. "The stock market rallied to levels not reached in years while optimism is being expressed by economic leaders that the end of the recession is near," said CEA vice president Anne Claudio. However, a companion survey -- the Index of Consumer Technology Expectations -- actually declined slightly in October as consumers are still cautious about holiday spending.
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Another holiday spending survey is a bit more optimistic. The 24th Annual Holiday Survey from Deloitte finds that 54 percent of consumers expect the economy to improve in 2010. That compares to just 28 percent of people who felt the same way going into 2009. The Deloitte report found spending this year on gifts could decline slightly. The average number of gifts people plan to purchase declined to 18.2 from 21.5 last year. But consumers plan to increase spending on non-gift items like socializing away from home and home furnishings. Add it all together and total anticipated spending will average $1,145, a 16 percent increase from last year.
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Members of the U.S. military will be getting a pay raise in 2010. Legislation to be signed by President Obama today includes funding for a 3.4 percent increase for uniformed military. However, that is about half the increase the Pentagon had requested.
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The Vitamin Shoppe celebrated its IPO today by ringing the opening bell at the NYSE. The health company that operates 400 stores across the country -- including four in San Diego County -- priced its offering at $17 a share. Wall Street is all pumped up by the deal as shares have jumped immediately to nearly $19.
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A new survey by 24 Hour Fitness finds that one in four Americans work out less often during the fall sports season and one in 10 admits to skipping workouts to watch a sporting event. And, a third of those surveyed admit to consuming more junk food during the fall sports season.
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Speaking of sports, a new Harris Poll finds that Michael Jordan tops the list of the greatest sports stars of all time. I will admit I am not an NBA fan -- I love college basketball -- so I don't quite get the Number 23 thing. Jordan was followed on the list by Tiger Woods, Babe Ruth, Muhammad Ali -- who, of course, is often called "the greatest" -- and Brett Favre comes in at number five. Somebody help me with that one, please. We're talking all-time greats here and Favre comes in ahead of Unitas, Young and Montana? Maybe it was calculated by the number of jerseys sold to sports fans. Also interesting was the selection of the greatest tennis players of all time. Roger Federer -- boring -- came in number one followed by Sampras, Connors, Agassi and Ashe. Hello? Anybody heard of a guy named John McInroe? Anybody who ever watched Johnny Mac play tennis in person knows that he always left everything on the court, especially his emotions. Remember, sports is just entertainment with people wearing funny outfits.
Hi George,
Your info is a little off in regards to the miliary pay raise. 3.4% is a HALF PERCENT MORE than what the Pentagon requested as well as the annual inflation rate.
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Diane Walsh 9:09am October 28, 2009Hi George, Your info is a little off in regards to the miliary pay raise. 3.4% is a HALF PERCENT MORE than what the Pentagon requested as well as the annual inflation rate.