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Inflation Worries Hurt U.S. Consumer Confidence

Meanwhile, house prices are decelerating

U.S. consumer confidence ebbed in October after two straight monthly increases amid rising concerns about inflation and a possible recession next year, but households remained keen to purchase big-ticket items like motor vehicles and appliances.

The Conference Board survey on Tuesday also showed more consumers planned to buy a home over the next six months, despite soaring borrowing costs. The steady rise in consumers' buying intentions could provide some stability for the economy in the near-term.

But there are signs that the Federal Reserve's aggressive interest rate hikes are starting to cool the labor market, with a decline in the share of consumers viewing jobs as "plentiful" and a rise in those saying employment was "hard to get."

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