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Consumer Confidence in U.S. Drops by Most Since August 2011

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U.S. July Consumer Confidence Unexpectedly Falls to 90.9

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Consumer confidence slumped in July by the most since August 2011 as Americans grew less upbeat about prospects for the economy, employment and their finances.

The Conference Board’s index retreated to 90.9 from June’s 99.8 that was weaker than initially reported, the New York-based private research group said Tuesday. The July reading was lower than the most pessimistic forecast in a Bloomberg survey of economists.