Consumer confidence dropped in June

June 29, 2010 at 2:26 PM
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NEW YORK, June 29 (UPI) -- U.S. consumer confidence fell sharply in June after three consecutive months of increases, the Conference Board said Tuesday.

The monthly Consumer Confidence Index, which uses 1985 as a base year with an assigned value of 100, fell from 62.7 in May to 52.9, the research group said.

In June, the monthly survey of 5,000 households found the number of respondents indicating economic conditions were "good" fell from 9.7 percent to 8 percent. The number of respondents indicating conditions were "bad" rose from 39.5 percent to 42.4 percent.

The percentage of respondents indicating jobs were "plentiful" fell from 4.6 percent to 4.3 percent while the number indicating jobs were "hard to get" increased from 43.9 percent to 44.8 percent.

"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. Until the pace of job growth picks up, consumer confidence is not likely to pick up," said Lynn Franco, director of the Conference Board Consumer Research Center.

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