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Shutdown, debt crisis did a number on consumers

Christina Medici Scolaro

The U.S. economy has taken some significant hits in the past few months—the government shutdown and debt-ceiling crisis in particular—and the expected trickle-down effects fell onto the consumer.

Consumer confidence fell 9 points in October, to 71.2 from 80.2, according to the Conference Board, a private industry group that tracks consumer mood.

Jon Maxson, partner at investment advisory firm Beacon Capital Management, said he expects headwinds for consumer to continue into 2014.

He noted that according to the consumer confidence report, the number of people expecting business conditions to improve over the next six months fell to 16 percent from almost 21 percent. Still, the advisor does not expect the U.S. to enter a recession.

--By Christina Medici Scolaro

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