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Bush said the economy was getting better this weekend.
Okay, truth sayer, then explain these headlines:
The consumer confidence index fell to 76.6 in July from 83.5 in June. It's the lowest level since March's 61.4. Economists were expecting the index to rise to 84.7 in July.
"Expectations are likely to remain weak until the job market becomes more favorable," said Lynn Franco, head of the board's consumer research center.
She said consumers' spirits have deflated in July because of increased unemployment and the "sentiment that a turnaround in labor market conditions is not around the corner."
new york times
"The message is that growth in the second half should do better,'' said Nigel Gault, United States economist at Global Insight, a research firm. "But the consumer can't carry the burden of supporting growth'' alone much longer.
The slowdown was a setback to efforts by President Bush to point to solid growth as a validation of his administration's economic policies, and played into the hands of his Democratic challenger, Senator John Kerry, who has criticized the White House's economic approach.
GRAND RAPIDS, Mich. -- The federal deficit is at a record high and economic growth has slowed, but President Bush is insisting on the campaign trail that the U.S. economy is on a "rising path." In his weekly radio address Saturday, which he taped Friday while on a stop in Michigan, Bush worked to convince voters that the economic rebound is not stalling.
His optimistic forecast came a day after the White House projected that the deficit for the budget year ending Sept. 30 will soar to $445 billion - the highest in history.
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