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Economic gauge at 7 1/2 year low

Tuesday, Oct. 30, 2001 | 9:44 a.m.

NEW YORK -- Consumer confidence plummeted this month to its lowest level in 7 1/2 years as the Sept. 11 terrorist attacks sapped Americans' optimism about job security and the economy.

The New York-based Conference Board said today that its Consumer Confidence Index sank to 85.5 from 97 in September. Analysts were expecting a reading of 96.

"Widespread layoffs and rising unemployment do not signal a rebound in confidence anytime soon," said Lynn Franco, director of the Conference Board's Consumer Research Center. "With the holiday season quickly approaching, there is little positive stimuli on the horizon."

The index, based on a monthly survey of some 5,000 U.S. households, is closely watched because consumer confidence drives consumer spending, which accounts for about two-thirds of the nation's economic activity.

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