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US: Unemployment worries erode consumer confidence

07-28-2010 13:52 BJT

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The Conference Board, a New York-based business and economics research group, reported that consumer attitudes worsened this month, as did fears over the job market.

Employment worries drove July consumer confidence to its lowest level since February. One in six people is expecting a fall in income over the next six months. The tepid consumer data tempered stock market gains.

In the real estate sector, home prices rose in May, but there are no signs of a sustained rebound, while a record stockpile of foreclosed houses looms over the market. Single-family house prices are 29.1 percent below the peaks of four years ago.

U.S. unemployment stood at 9.5 percent in June, the lowest in nearly a year. But this figure reflects a natural trend of people leaving the workforce, rather than a rise in recruitment.

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Editor:Xiong Qu |Source: CNTV.CN

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