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WASHINGTON (dpa) - Consumer confidence plunged in October as more job losses overshadowed signs that the country has pulled out of recession, a private research group said Tuesday.
The New York-based Conference Board's index stood at 47.7 in October, down 5.7 points from the previous month. Unemployment played "a major role in this grimmer assessment," said Lynn Franco, director of the Conference Board's research center.
Franco said the declining confidence was likely to push down spending by consumers over the upcoming holiday season, which most retailers rely on to generate profits for the year.
Most economists expect the U.S. economy pulled out of recession over the summer, but the jobless rate has continued rising and is likely to hit 10 percent in the coming year.
The Conference Board surveys 5,000 U.S. households for its monthly index.