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Consumers in the US and New Zealand losing confidence

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Consumer confidence in the US and New Zealand has been experiencing its lowest ever fall.

The Conference Board, the global, independent membership organisation, which provides knowledge about management and the marketplace, said that consumers’ confidence in the US dropped to a five-year low in March as expectations for the future tumbled to their lowest in 34 years.

Consumers continued to worry over job prospects as the labour market continues to tighten amid an economic slowdown brought on by the worst housing slump in a generation. The Conference Board said its index of consumer sentiment fell in March to 64.5 from an upwardly revised 76.4 in February.

In New Zealand, consumer confidence has dropped to its weakest level in a decade amid rising prices and mortgage rates, says the Westpac McDermott Miller survey.

According to the survey, the consumer confidence index fell to 96.5 from 110 in December, the largest quarterly fall in last eight years.

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