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Consumer Optimism Hits 8-Month Low, On Outlook Worries; Q3 GDP Revised Up To 3.9%; Holiday retail sales so-so, but business investment, factory growth still strong.(A)
Byline: CHRISTINA WISE
Consumers are feeling more pessimistic, but the economy grew a bit faster than expected in the third quarter, reports showed Tuesday.
The Conference Board's consumer confidence index fell 2.4 points in November to 90.5, an eight-month low. The present situation index rose 1.2 points to 95.2. But the expectations index fell for a second month, diving 4.8 points to 87.4, a 17-month low.
"Consumers are feeling a little better about current economic conditions, which is consistent with the better economic news we've seen recently," said Gary Thayer, chief economist with A.G. Edwards. "But they are concerned about the prospects for the economy in the future."
He added, "I think the slow job growth and high energy prices are still a worry to many consumers."
Of those polled, 16.8% said jobs are plentiful, down from 17.4% in October. And 28.1% said jobs are hard to find, the most since May.
The share of people who think business and labor conditions will get worse both reached their highest levels in more than a year. Buying plans for autos and homes hit long-term lows.
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