RealNews

U.S. Economy: Consumer Confidence Weakens on Terrorism Fears

Terrorism fears and higher gasoline prices unexpectedly drove confidence among U.S. consumers this month to its lowest level since October. The University of Michigan’s preliminary index of sentiment declined more than forecast, to 78.7 from 84.7 in July. Waning optimism threatens to slow consumer spending, which accounts for about three-fourths of gross domestic product. The survey ends a week of figures pointing to a continuing slowdown in the economy that may allow the Federal Reserve to keep interest rates unchanged after ending a two-year credit tightening last week. Government reports showed a decline in home construction and a smaller-than-expected increase in industrial production. Full Story

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