This increase in hiring continues to slowly increase consumer confidence as the nation emerges from the recession.

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He urged Congress to now look to boost the economy through measures to create jobs and increase consumer confidence.

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"What the World Cup did was increase maybe consumer confidence and gave that sort of wave of euphoria which lead to stronger consumer spending, " said Alexander Law, chief economist at Xerfi, an economical analysis company.

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By raising consumption taxes on products and services targeting the affluent while reducing or maintaining income tax levels, the Chinese government has been able to sustain consumer confidence, increase spending (retail sales have risen 16-18% annually over the last three years), and get needed tax revenue for infrastructure projects required to maintain employment numbers.

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The back-to- back increase was viewed as a strong confirmation of a rise in consumer confidence necessary for an improvement in economic growth.

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But in light of Black Friday, even aside from consumer confidence or retailers slashing prices, there may be another dimension to the increase in retail sales that some are overlooking.

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"People saw the VAT increase as economic suicide, but the moment the decision was made, there were enormous spikes in consumer confidence, " says Timothy Jones, European analyst at Medley Global Advisors, a political and economic advisory firm.

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