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Consumer Confidence Falls

Associated Press

Consumer confidence hit a three-year low last month, with an increase in the number of surveyed consumers who described current business conditions as bad, a business research group said Wednesday.

The Conference Board indicated that 25% of the 5,000 families surveyed in August labeled current business conditions as bad, the biggest proportion since a 27.5% result in November, 1983.

The group’s consumer confidence index, which has a 1985 base of 100, dipped 5.3 points to 90.2 in August, the lowest since an 89.9 reading in August, 1983.

The Conference Board also said the survey indicated that consumer plans to buy automobiles and homes declined slightly in August, but plans to buy major appliances increased.

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