U.S. consumer confidence dropped in July as worries over rising unemployment took a heavy toll, the Conference Board reported. The consumer confidence index slid to 76.6 in July from 83.5 in June. That was the lowest reading since March, when the attack on Iraq was in full swing. Analysts expected an improvement to 85.0.

The index that measures jobs hard-to-get rose to 33.1 percent in July from 31.9 percent in June, its highest level since January, 1994. That mirrored the national unemployment rate, which jumped to 6.4 percent in June, also a nine-year high.

"The rising level of unemployment and sentiment that a turnaround in labor market conditions is not around the corner have contributed to deflating consumers' spirits this month," said an analyst. "Expectations are likely to remain weak until the job market becomes more favorable."

By: DocMemory
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