US consumer confidence dropped steeply in June
An industry group says US consumer confidence fell unexpectedly sharply in June, sinking to the fifth-lowest level ever.
By Agencies |
NEW YORK: An industry group says US consumer confidence fell unexpectedly sharply in June, sinking to the fifth-lowest level ever.
The report Tuesday also said the group's reading of consumers' expectations hit an all-time low.
The Conference Board's consumer confidence index fell to 50.4 this month, down from 58.1 in May. The reading is far lower than economists expected; the consensus estimate of economists surveyed by Thomson/IFR was 56.5.
The Conference Board's Lynn Franco says the reading suggests ``the economy remains stuck in low gear.''
The report Tuesday also said the group's reading of consumers' expectations hit an all-time low.
The Conference Board's consumer confidence index fell to 50.4 this month, down from 58.1 in May. The reading is far lower than economists expected; the consensus estimate of economists surveyed by Thomson/IFR was 56.5.
The Conference Board's Lynn Franco says the reading suggests ``the economy remains stuck in low gear.''
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