business in america
Conference Board, a private research firm, released survey results hinting consumers didn't get the memo about a holiday spending binge -- shoppers planned to spend no more, and in many cases less, than they spent in 2002.
"It now seems clear that most consumers will be shopping for bargains this season," said Lynn Franco, director of the Conference Board's consumer research center. "Firms offering the best deals are likely to chalk up the biggest sales gains."
Meanwhile, the housing market may finally have lost some of its steam, according to separate reports of bigger-than-expected declines in November sales of new as well as existing homes.
Driven by the lowest mortgage rates in a generation, the red-hot housing market helped boost the economy, since new homes need furniture, appliances and other gear. But with mortgage rates on the rise, some of that extra oomph will disappear.
Still, mortgage applications rose last week, indicating the housing market is far from dead. And higher mortgage rates won't matter as much if wages are growing significantly.