WASHINGTON — New figures released by the Commerce Department show a disappointing 0.1% uptick in consumer confidence for the month of February. The minuscule figure offers little encouragement that Americans are willing to spend money to boost an ailing economy in the face of an escalating housing crisis and credit crunch.

Consumer spending accounts for two-thirds of the economy, and jobs associated with home construction, financing, furnishings and maintenance has decreased as the number of foreclosures continues to grow.

NAFCU's Macro Data Flash reported that new home sales decreased for the fourth consecutive month by an annualized 1.8%, the slowest pace since February 1995. It shows that potential buyers are holding out for further price declines. A turnaround in housing is not expected until the second half of the year, when checks from the stimulus package passed by Congress begin to arrive and efforts from recent Fed actions help to soothe a jittery economy, said NAFCU.