Americans' confidence in the economy had its biggest drop in May in eight months.
The Conference Board says its Consumer Confidence Index now stands at 64.9, down from a revised 68.7 in April. It was the biggest drop since October 2011.
Consumer confidence is widely watched because consumer spending accounts for 70 percent of economic activity. The measure is significantly below the 90 reading that indicates a healthy economy. But the current level is well above the 40 it hit last October.
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