U.S. consumer confidence and expectations for future drop
: U.S. consumer confidence fell to its lowest level since October 1993, according to the Conference Board's report yesterday. The Conference Board, a business research group based in New York, said that its closely-watched index of consumer confidence sank to 64 points from 78.8 points in January. According to CNN.com, a reading of 77 points was expected. The 14.8-point drop was the fifth-largest one-month drop on record and the biggest one-month drop since the 17-point drop in September 2001, following the Sept. 11 terrorist attacks. The Conference Board's expectations index, which measures how consumers feel about the future, dropped to 65.6 from 81.1, and the present situation index fell to 61.6 from 75.3. President Bush, addressing reporters yesterday, again pressed again for of his $1.3 trillion proposal for tax cuts and spending, which he says will help the economy. Separately, the National Association of Realtors said sales of existing homes, jumped to a record annual rate of 6.09 million units in January from a 5.86 million-unit pace in December. Economists, on average, expected a 5-million-unit pace, according to CNN.com.
Elementary school roof collapses under weight of snow:
Part of the roof of Sunderland Elementary School collapsed under the weight of rain-soaked snow early Saturday Morning, according to The Daily Hampshire Gazette. Classes were cancelled indefinitely because parts of the 13-year-old structure flooded after pipes were ruptured by the collapse. School and Town officials were concerned about the cost and time frame of the repairs. The section of the roof that fell was directly above a third-grade classroom and would most likely have injured many students had the room been occupied. Contractors, electricians, plumbers and other service workers were called in Saturday, some on a round-the-clock schedule. Firefighters covered the hole with tarpaulins and used snow blowers and shovels to clear snow from the rest of the roof, according to The Gazette. As of Sunday night, heat and hot water had been restored to parts of the building. This is not the first time the school has flooded-a sprinkler pipe burst in December 1988, sending 500,000 gallons of water into the school just a month before it was to open. The opening was delayed until fall 1989, according to The Gazette.