Consumer confidence nears all-time low
Most blame high food and fuel prices in latest survey from University of Michigan.
NEW YORK (CNNMoney.com) -- Consumer confidence sank to its third-lowest level ever in June, according to a study released Friday by Reuters and the University of Michigan.
The university's Index of Consumer Sentiment fell to 56.4 in June, down from 59.8 in May. Only April and May of 1980 scored lower - 52.7 and 51.7 respectively - since the survey began measuring consumer sentiment in 1952.
The University of Michigan's Index of Consumer Expectations, a key economic indicator that is used to predict recessions, fell to 49.2 in June from 51.1 a month earlier. The index had been declining since early 2007.
A majority of those surveyed said their economic situation had worsened in June, blaming high food and fuel prices. Consumers are also anticipating that the the price of gasoline will exceed $4.50 a gallon and average $5 a gallon for the next five years.
"Consumers held the bleakest inflation-adjusted income expectations since the question was first asked nearly a half century ago," said Richard Curtin, director of the Reuters/University of Michigan Surveys of Consumers statement.
Those surveyed said they would postpone purchases because they were uncertain about future income and job prospects. 
