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Consumer confidence soars
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| Contributor | RP |
| Last Edited | RP Aug 25, 2009 09:11pm |
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| Category | Report |
| Author | Julianne Pepitone |
| News Date | Tuesday, August 25, 2009 04:20:00 PM UTC0:0 |
| Description | A key measure of consumer confidence jumped much more than predicted in August, as the job market outlook and business expectations improved, said a report released Tuesday.
The Conference Board, a New York-based business research group, said Tuesday that its Consumer Confidence Index rose to 54.1 in August from an upwardly-revised 47.4 in July.
Economists were expecting the index to increase to 48, according to a Briefing.com consensus survey. The measure is closely watched because consumer spending makes up two-thirds of the nation's economic activity.
The index posted declines in June and July, but the reading "appears to be back on the mend," said Lynn Franco, a director at The Conference Board, in a prepared statement. |
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