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AP Business NewsBrief at 1:37 p.m. EDT
(AP Online Via Acquire Media NewsEdge) Consumer outlook up, housing bottom may be nearNEW YORK (AP) _ Americans felt better about the economy in August, as a barometer of sentiment posted the biggest boost in two years amid falling gas prices. Two reports suggested that a bottom could be nearing for the housing market, but economists caution it's too early to proclaim that the worst is over. The Conference Board, a private research group, said Tuesday that its consumer confidence index rose to 56.9, up from a revised 51.9 in July. That's the largest gain since August 2006, and is ahead of the 53 expected by economists surveyed by Thomson/IFR.
New-home sales rose slightly in July, prices fellWASHINGTON (AP) _ Sales of new homes rose in July, but still fell short of economists' expectations, and home prices continued to sink. The Commerce Department reported Tuesday that new-home sales rose by 2.4 percent last month to a seasonally adjusted annual rate of 515,000 units, the most since April. But sales in June had plummeted to a pace of just 503,000 _ down from previous estimates of 530,000 _ to mark the worst showing since September 1991.
Wall Street little changed after economic dataNEW YORK (AP) _ Wall Street was little changed in thin volume Tuesday after a report indicated that consumers are more confident than analysts expected and oil prices rose on concerns about the path of Hurricane Gustav. Investors turned a bit more optimistic after the data gave a slightly more upbeat view of the economy. They were hoping to get more clarity about the economy later in the session with the release of minutes from the Federal Reserve's last meeting on interest rates.
Number of uninsured drops; Poverty holds steadyWASHINGTON (AP) _ The number of people lacking health insurance dropped by more than 1 million in 2007, the first annual decline since the Bush administration took office, the Census Bureau reported Tuesday. The poverty rate held steady at 12.5 percent, not statistically different from the 12.3 percent registered in 2006. The median _ or midpoint _ household income rose slightly to $50,233. And the number of uninsured dropped to 45.7 million, down from 47 million in 2006.
Oil prices spike as Hurricane Gustav nears GulfNEW YORK (AP) _ Oil prices swung higher Tuesday as Hurricane Gustav developed south of Haiti, raising concerns that the storm could slam into major oil operations in the Gulf of Mexico. After falling close to $112 per barrel in overnight trading, light, sweet crude for October delivery rose $1.22 to $116.33 a barrel on the New York Mercantile Exchange by late morning trading.
Hog producer Smithfield Foods swings to 1Q lossMILWAUKEE (AP) _ Smithfield Foods Inc., the nation's largest pork producer and processor, swung to a loss in its fiscal first quarter due in part to a $20.1 million write-down in the value of commodity contracts. The company said Tuesday it lost $12.6 million, or 9 cents per share, in the period. That compares with a profit of $54.6 million, or 41 cents per share, in the year-ago quarter. Smithfield said the write-down hurt earnings by 15 cents per share. It also reported a $5.5 million, or 4 cent per share, charge related to asset sales by Campofrio.
Ford to spend $75M to retool plant for small carsWAYNE, Mich. (AP) _ Ford Motor Co. said Wednesday it will spend $75 million to retool part of its Michigan Truck factory to make car bodies, part of the automaker's plan to convert some truck factories to make smaller vehicles. Michigan Truck's 1,000 workers who now make Ford Expedition and Lincoln Navigator sport utility vehicles will be sent to the nearby Wayne Assembly Plant, where Ford plans to add a third shift to make more Focus small cars.
Indian company to pay $2.6B for Britain's ImperialLONDON (AP) _ India's state-run Oil & Natural Gas Corp. has agreed to buy Britain's Imperial Energy PLC for $2.6 billion in a cash deal that will help ONGC meet surging fuel demand from its burgeoning domestic economy. ONGC and Imperial said in a joint statement on Tuesday that their boards had agreed on the terms which value Imperial shares at 1,250 pence ($22.95) each.
Shopping for back to school can be a lesson itselfNEW YORK (AP) _ When Diamond Emory and her daughter Makaiah arrived at Wal-Mart to buy her fifth-grade school supplies, they encountered much to entice a young shopper. The aisles of the store near their home in Groveport, Ohio, displayed glittery pencils, fancy folders, and "Hannah Montana" and "High School Musical" emblazoned everything.
German consumer, business confidence ebbsFRANKFURT, Germany (AP) _ Consumer confidence in Europe's biggest economy declined for a fourth month in a row, sliding to another five-year low as lower energy prices failed to bolster Germans' likelihood of buying new goods, a report released Tuesday found. A separate report, meanwhile, found that business executives' confidence in the German economy had also dropped to a three-year low in August, the third consecutive monthly decline.
Copyright ? 2008 The Associated Press. All rights reserved. This material may not be published, broadcast, rewritten or redistributed.
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