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http://www.pe.com/business/local/stories/PE_Biz_D_consumers16.29a8026.htmlInland consumer confidence falls as does U.S. trend
08:19 PM PST on Friday, February 15, 2008 By JACK KATZANEK The Press-Enterprise The news that taxpayers will receive rebate checks by spring apparently did little to assuage fears that the economy is in a tailspin.
Consumer confidence fell to a 16-year low this month, as shoppers are taking notice of declining home values, a weak job market and consistently high gas prices. The Reuters/University of Michigan preliminary index of consumer sentiment fell to 69.6 from 78.4 in January, it was reported Friday.
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A weaker economy and diminishing consumer confidence is taking its toll on local businesses, including Star Furniture Gallery on Magnolia Avenue in Riverside. Last week, the U.S. Department of Labor reported the first drop in employment in more than four years.
In San Bernardino and Riverside counties, the preliminary indications are the area lost jobs in 2007 for the first time since records have been kept.
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