Consumer Confidence Plummets in June
The NYC-based Conference Board research group reported that its U.S. Consumer Confidence Index dropped to 52.9 in June from 62.7 in May, reversing three months of gains. It was the lowest level since March, when the index stood at 52.3. Lynn Franco, director of the Conference Board Consumer Research Center, explained the drop in this statement. “Increasing uncertainty and apprehension about the future state of the economy and labor market, no doubt a result of the recent slowdown in job growth, are the primary reasons for the sharp reversal in confidence.” Bloomberg Businessweek reports that people are feeling even worse in Great Britain, where consumer confidence has reached a six-month low. CNNMoney.com Conference Board Press Release Jun. 29, 2010
