Consumer confidence slips in June

Americans can’t seem to shake their uneasy feeling about the economy. Consumer confidence has fallen in June for the fourth straight month as worries about the economy outweighed relief at the gas pump, according to a private research group. The Conference Board reports today that its Consumer Confidence Index is at 62. That’s down from the 64.4 reading in May and the 63.2 analysts were expecting. The index remains well below the 90 reading that indicates a healthy economy—a level it hasn’t been near since the recession began in December 2007. But it’s far from the all-time low of 25.3 reached in February 2009. The indicator is widely watched because consumer spending, including major items or services like health care, accounts for 70% of U.S. economic activity. The index illustrates that Americans are worried about hiring, home values, the stock market, and a worsening European economy that some fear will hurt the United States. “Consumers were somewhat more positive about current conditions, but slightly more pessimistic about the short-term outlook,” says Lynn Franco, director of Economic Indicators at The Conference Board in a statement. “If this trend continues, spending may be restrained in the short-term.” The Associated Press has the full story here.