April 13, 2007
Cold February chilled spending
Housing market weaknesses hurt the Deloitte Research Leading Index of Consumer Spending this month, which fell to 3.06 percent. The index comprises four components -- tax burden, initial unemployment claims, real wages and real home prices. The company said the coldest February in over a decade helped soften retail spending and construction, which was further aggravated by reduced levels of refinancing. Rising stock prices, however, helped offset the uncertainty in the housing market, Deloitte said.
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