Job Worries Increase, Consumer Confidence Declines
NEW YORK (AP) — A private research group is reporting that consumers' confidence declined to a seven-month low as job worries increased.
The Conference Board's Consumer Confidence Index slipped to 58.5 in June, down from a revised 61.7 in May. Economists had expected the figure to edge up to 61. The results follow an almost six-point drop from May to April, which had marked a six-month low.
A reading of 90 indicates a healthy economy on the index, which measures how Americans feel about business conditions, the job market and the next six months. Economists carefully monitor consumer confidence because consumer spending accounts for 70 percent of economic activity.
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