U.S. Consumer Sentiment Near Lowest Since 1980

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Confidence among U.S. consumers in July remained near the lowest level since 1980, signaling spending may slow after the effects of the federal tax rebates fade.

The Reuters/University of Michigan preliminary index of consumer sentiment rose to 56.6 from 56.4 in June. The measure averaged 85.6 in 2007.

The collapse in confidence threatens gains in consumer spending, the biggest part of the U.S. economy, as Americans face record-high gasoline prices, a weak labor market and the worst housing market in 25 years.

http://www.bloomberg.com/apps/news?pid=206...10&refer=us