US consumer confidence slumps

Reported by AAP
Wednesday, August 29, 2012
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Consumer confidence has taken an unexpected fall in August, to its lowest level since November 2011.

The New York-based Conference Board Consumer Confidence Index fell to 60.6 - down from a revised 65.4 in July.

The indicator is widely watched because consumer spending accounts for 70 per cent of US economic activity.

The index has remained well below the 90 reading that indicates a healthy economy since the recession began in December 2007.

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