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Consumer Confidence Declines in October
U.S. consumer confidence declined this month, according to the final Reuters/University of Michigan monthly consumer sentiment index released Friday.
The final index for the month fell to a 70.6 reading from 73.5 in September, the survey reported. The reading was higher than a 69.4 preliminary figure released two weeks ago.
The level was about in line with economists’ forecasts of a 70 reading, Bloomberg reported.
An improvement in confidence may increase consumer spending, which accounts for 70% of the economy.
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