Consumer Confidence Plunges; Jobless Rate Lower Friday, December 7, 4:50 PM ET
The Thomson Reuters/University of Michigan's preliminary reading of its index of consumer sentiment dropped to 74.5 in early December, the lowest reading since August, below November's 82.7 and the median expectation of 82.4. Economists attributed the drop due to anxiety over fiscal issues and the potential for higher taxes as negotiations continue to avoid the so called "fiscal cliff."
The Labor Department announced that the U.S. added 146,000 jobs last month nad the unemployment rate fell to 7.7 percent from 7.9 percent, the lowest reading since December 2008.
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