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Consumer Confidence Declines as Election Day Approaches

U.S. consumers, harried by job worries and soaring energy prices, say they grew less confident in the American economy during October.

Tuesday, a private research group called the Conference Board said its index of consumer confidence dropped nearly four percent this month to a reading of 92.8.

The Bloomberg financial news service reports that since the index began in 1967, no U.S. president has won re-election when the consumer assessment of the economy was below a reading of 99 at election time.

Economists track consumer confidence closely because consumer demand drives two-thirds of U.S. economic activity.

Some information for this report provided by AFP and Reuters.