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Published on Tuesday, September 30, 2008
By LA Daily News Staff Writer
With the holiday shopping season about to start, consumer confidence is hovering near its lowest point since 1992, and could dip further as Americans open their 401(k) statements and see how much they've lost in recent weeks.
The Conference Board said Tuesday that its Consumer Confidence Index is now at 59.8. That's up from a revised 58.5 in August and higher than analysts expected.
But it's still about half what it was a year ago and near the lowest since the 54.6 registered in October 1992, when the U.S. was coming out of a recession.
"We are already at battered (confidence) levels, and I would not be surprised if it gets lower from here," said Adam York, an economic analyst at Wachovia Securities.
The Conference Board survey, based on a sample of 5,000 households, is aimed at measuring how much faith people have in the economy and the job market now and over the next six months. Consumer spending represents about two-thirds of economic activity
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