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Consumer Confidence Falls to Record Low

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The consumer confidence index of the Conference Board declined to 61% in September 2008 and to 38% in October 2008 in a survey of 5000 households. THe index reache 100 in 1985 and 38 is the lowest its recorded since the index was started in 1967. The survey showed more than half the respondents worried about the job market deteriorating further. About 760,000 jobs were lost for the 9 months to September 2008, the Labor Department reports. And home prices declined 16.6% in August compared with a year ago for 20 cities, the biggest annual drop in the history of the Case Shiller Index, for Home Prices released by Standard and Poors. Phoenix and Las Vegas declined by 30% and Los Angeles,Miami, San Diego and San Francisco decline by 25%.


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