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Consumer confidence fell sharply in July, to its lowest level in five months, undermined by falling stock prices and worries about jobs, a private research group said Tuesday.
The New York-based Conference Board said its Consumer Confidence Index fell to 97.1 from a revised 106.3 in June. Analysts had been expecting a reading of 101.5.
The industry group's index, based on a monthly survey of some 5,000 U.S. households, is closely watched because consumer confidence drives consumer spending, which accounts for about two-thirds of the nation's economic activity.
"The erosion in consumer confidence represents a significant deterioration in consumer attitudes" said Lynn Franco, director of The Conference Board's Consumer Research Center. "The continued decline in the value of stock market portfolios, coupled with ongoing reports of corporate scandals, have taken a toll on consumer confidence."
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