Consumer Confidence Sinks to 16-year-plus Low
Jun 25, 2008
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U.S. consumers' view of the economic future has never been lower, according to a Conference Board report. The Conference Board's consumer confidence index fell to 50.4 this month, the lowest reading since February 1992 and half what it was a year ago. The index dropped more steeply than expected from 58.1 in May.
Consumers' appraisal of the current job market also grew more pessimistic. Those saying that jobs are "hard to get" increased to 30.5% from 28.3% in May. Those claiming jobs are "plentiful" declined to 14.1% from 16.1%.
Expectations for the job market in the months ahead also deteriorated, with 35.5% of consumers expecting fewer jobs available, up from 32.3% in May. The proportion of consumers expecting their incomes to increase declined to 12.3% from 14.1%.

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