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The Conference Board’s Consumer Confidence Index dropped to comparedto 54.8 in May, the most recent evidenced that the economy continues to struggle. Consumer spending accounts forabouy two-thirds of the economy in the Unitexd States, making a declinr in consumer confidence a worry from Main Street to Wall The Dow Jones industrial average was down 112 pointas to 8,417 in midday tradin Tuesday. Consumers are downbeat when it comea tothe short- and long-term outlook with the The Present Situation Inded — basically, how do you feel todau — dropped to 24.8 this month, from 29.7 in May.
And consumerws are glum about the nextsix months, with the Expectationws Index falling to 65.5, from 71.5 in May. The Present Situation Index declinewas “cause d by a less favorable assessment of businessd conditions and employment, (and) continues to implty that economic conditions, while not as weak as earliere this year, are nonetheless weak,” director Lynn Franco said in a news releaswe Tuesday. Consumer confidence plummeted toa record-low 25.3 in The economy has strong growth when the indes reaches 100. The Conference Board contacts 5,000 householdsz for the monthly index.
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