WASHINGTON (AFP) - Americans are becoming increasingly worried about the struggling US economy as home sales remain stuck in a rut and as red hot oil prices stoke inflation fears, a flurry of reports showed on Tuesday.
The world’s largest economy has grown at a sluggish 0.6 percent pace, on an annualized basis, during the past two quarters and some economists believe a recession is on the cards.
Several new surveys on home sales and consumer confidence suggest economic concerns are becoming more pressing to Americans, who are concerned about their home values, job security and rising fuel bills.
A government report showed that new home sales rose an unexpected 3.3 percent in April from the prior month to a seasonally adjusted annual pace of 526,000 homes.
While on the surface that sounded like good news, sales have slumped a hefty 42 percent in the 12 months to April and economists say the larger market for existing homes sales remains stuck in a rut amid one of the worst US housing slumps in decades.
“New homes are still a tough sell…
