Commerce Dept says consumer spending fell in December. Homes sales up for first time since May.
Where: United States
The Facts
U.S. Commerce Department data released on Friday shows consumer spending fell in December 2022, dropping 0.2%.
Meanwhile, mortgage rates continue to come down. Mortgage finance agency Freddie Mac reported on Friday that a 30-year fixed mortgage is down to 6.13%, the lowest since mid-September.
The National Association of Realtors (NAR) says pending home sales rose in December 2022 for the first time since May 2022, following six consecutive months of decline. NAR says this signifies that the recent low point in home sales activity is over.
For four weeks in a row, the national average gas price has risen. As of January 25, it was $3.39 per gallon, according to GasBuddy data. Prices are up 30.2 cents from a month ago and 7.3 cents per gallon higher than a year ago.
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