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U.S. consumer confidence drops to 96.1

Christian Fernsby |
U.S. consumer confidence fell to a reading of 96.1 in November.

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The November reading released Tuesday by the the Conference Board said represents a drop from a revised 101.4 in October.

The decline reflected a big drop in consumer expectations for income, business and labor market conditions.

Consumer confidence is closely watched for signals it can provide of how willing households are to spend.

Consumer spending accounts for 70% of economic activity in the U.S.

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