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US consumer confidence slips; new home sales hit 8-month low

Amercian economy expected to grow at a 2.2% annualised rate in Q3 over the preceding quarter's brisk 3% pace

Reuters  |  Washington 

US consumer confidence fell in September and home sales dropped to an eight-month low in August due to the impact of Hurricanes Harvey and Irma, supporting the view that the storms would hurt economic growth in the third quarter. Still, relatively high levels of consumer confidence together with continued strong gains in house prices should support consumer spending and keep the economy on solid ground. Rebuilding in the hurricane-ravaged Texas and Florida also is expected to deliver a boost in the fourth quarter. "Though hurricane disruptions will make spending uneven ...

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First Published: Tue, September 26 2017. 23:15 IST