Last update: 13-Dec-2013 3:20 am
Friday, December 13, 2013
Trinidad & Tobago Guardian Online
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US consumer confidence plunges on govt shutdown
WASHINGTON—Americans’ confidence in the economy fell this month to the lowest level since April, as many worried about the impact of a 16-day partial government shutdown. The decline could weigh on spending and economic growth. The Conference Board said yesterday that its index of consumer confidence dropped to 71.2 in October, down from 80.2 the previous month. September’s figure was revised slightly higher.
Consumers became particularly pessimistic in their outlook on the economy six months from now, while their assessment of current economic conditions declined by much less. They also expect less hiring in the months ahead. Consumers’ confidence is closely watched because their spending accounts for 70 per cent of economic activity.
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