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10-16-2009, 08:42 PM #1
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US Consumer Confidence Worse Than Forecast
U.S. Michigan Sentiment Index Decreased to 69.4 (Update1)
By Courtney Schlisserman
Oct. 16 (Bloomberg) -- Confidence among U.S. consumers fell more than forecast in October, a reminder that households remain nervous about the strength of the emerging economic recovery.
The Reuters/University of Michigan preliminary index of consumer sentiment decreased to 69.4 from 73.5 in September, which was the highest in more than a year. Measures of expectations for six months ahead and current conditions both fell. The index averaged 87.3 in 12 months leading to December 2007, when the recession began.
The highest unemployment rate in 26 years threatens to restrain consumer spending as the U.S. enters the Christmas- holiday shopping period. Minutes from last month’s Federal Reserve meeting show policy makers are still concerned that rising unemployment will curb consumer spending and lead to an anemic recovery.
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