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Consumer Confidence Falls on Fiscal Cliff Worries

December 28, 2012
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The Conference Board's monthly measure of consumer confidence dropped for the second straight month, due to consumer worries about the effects of the so-called fiscal cliff.

The index dropped eight points from November's 71.5 to 65.1

"Consumers’ expectations retreated sharply in December resulting in a decline in the overall Index," the Conference Board's Lynn Franco said in a statement.

"The sudden turnaround in expectations was most likely caused by uncertainty surrounding the oncoming fiscal cliff. A similar decline in expectations was experienced in August of 2011 during the debt ceiling discussions. While consumers are quite negative about the short-term outlook, they are more upbeat than last month about current business and labor market conditions.”


 

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