NEW YORK — Consumer confidence plummeted in June to one of its lowest levels ever amid worries about jobs, rising prices and falling home values.
The Conference Board Consumer Confidence Index dropped to 50.4, compared with from 58.1 in May. The two key components both also fell in June: The Present Situation Index decreased to 64.5 from 74.2, and the Expectations Index declined to 41.0 from 47.3.
“This month’s Consumer Confidence Index is the fifth lowest reading ever,” said Lynn Franco, director of The Conference Board Consumer Research Center. “Consumers’ assessment of present-day conditions continues to grow more negative and suggests the economy remains stuck in low gear.”
The Expectations Index has hit an all-time low, reflecting the bleak economic outlook of consumers, Franco said. She noted that there’s a chance consumer confidence might be nearing a bottom.