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Updated:
7/28/2009 8:55:00 AM
Consumer Confidence Retreats in July
Consumer confidence fell in July, the New York-based Conference Board said.
The group’s monthly index fell to 46.6 from a revised 49.3 reading in June. A record low of 25.3 was reached in February.
The change reflects a surge in unemployment, which threatens to undermine household spending, Bloomberg reported. Unemployment is projected to rise to 10% by early 2010.
Economists had forecast that the reading would fall to 49, Bloomberg said.
The consumer confidence index is a predictor of consumer spending. When people are feeling less confident about the economy, they are less likely to spend money, which decreases demand for trucking services.
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