US consumer confidence down again

28 June 2011 Last updated at 20:46 GMT The jobs and property markets remain weak and consumers face higher energy bills US consumer confidence fell in June to the lowest point since November 2010 on concerns about unemployment and stagnating wages.

The closely-watched Conference Board's Consumer Index fell to 58.5 from a revised 61.7 in May.

A reading of 90 or above indicates a healthy economy on the index, which measures consumers' attitudes to jobs and spending in the short term.

Consumer spending accounts for 70% of US economic activity.

"Given the combination of uneasiness about the economic outlook and future earnings, consumers are likely to continue weighing their spending decisions quite carefully," said Lynn Franco, director of The Conference Board Consumer Research Center.

In February the index reached a three-year high of 72, but it has fallen back amid concern that the US recovery has run out of steam.

The jobs and property markets remain weak, and consumers were hit with rising energy prices.

Official figures released on Monday reported that consumer spending was unchanged in May compared with April, marking the first time in a year that spending has not increased from the previous month.

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Improved confidence lifts Bellway

10 June 2011 Last updated at 08:50 GMT Bellway said it had taken another 1,600 reservations for completion next year Improving consumer confidence has helped boost property sales, UK house builder Bellway has said.

The group achieved a sales rate of 111 units per week between February and May, a rise of 9% on the same period last year.

The average selling price rose 4% to ?182,000, helped by more higher-value units being sold in and around London.

The Newcastle-based group said that current market conditions had left it well-positioned for growth.

"The uncertainties that affected consumer confidence during the challenging autumn trading period appear to have diminished and, encouragingly, there has been a return towards a more normal reservation pattern with a healthy spring selling season, despite ongoing concerns remaining in the wider economy," the company said.

Although its net debt had risen to ?57m at the end of May, Bellway said it expected this level of gearing to reduce by the end of the year.

It added it had taken another 1,600 reservations for properties to be completed in 2011-12.

On Wednesday, the government announced plans to sell off public land to developers and housebuilders, worth an estimated ?10bn, to help tackle a growing housing shortage.

The move could create up to 100,000 homes and 25,000 jobs during the next four years.

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