Consumer confidence falls in June

After climbing for two months, the key index drops as more Americans say jobs are hard to find.

EMAIL  |   PRINT  |   SHARE  |   RSS
google my aol my msn my yahoo! netvibes
Paste this link into your favorite RSS desktop reader
See all RSS FEEDS (close)

Did Bernard Madoff receive a fair sentence?
  • Yes
  • It was too harsh
  • No penalty is severe enough
Recession: I'm lovin' it!
From a half-price deck to spending time with the kids to traveling around the country in pursuit of the best party, these people are making the most of the downturn.

NEW YORK (Reuters) -- Consumer confidence fell unexpectedly in June after two straight months of gains as Americans' optimism over business and job conditions weakened.

The Conference Board, an industry group, said Tuesday its index of consumer attitudes dropped to 49.3 this month from a downwardly revised 54.8 in May. Markets were expecting a reading of 55.0 for June.

The Present Situation Index also slid to 24.8 from 29.7.

Stocks fell while the dollar rose against the euro in the wake of the consumer confidence data.

"Following the upward revision to the University of Michigan Consumer Confidence survey, the decline in the Conference Board's Consumer Sentiment report was a big shocker," said Kathy Lien, director of FX strategy at GFT in New York.

"Despite the fact that the S&P 500 is close to 40% off its March lows, Americans grew less optimistic about present and future situations. The weaker confidence number should help the dollar recovery for the rest of the day. "

Americans saying jobs are "hard to get" increased to 44.8% from 43.9% the previous month, while those saying jobs are "plentiful" slid to 4.5% from May's 5.8%.

"The decline in the Present Situation index, caused by a less favorable assessment of business conditions and employment continues to imply that economic conditions, while not as weak as earlier, are nonetheless weak," said Lynn Franco, director of The Conference Board's Consumer Research Center.

Those claiming business conditions are "good" slipped to 8.0% from 8.8%, while those saying business conditions are "bad" edged up to 45.6% from 44.5%. To top of page

They're hiring!These Fortune 100 employers have at least 350 openings each. What are they looking for in a new hire? More
If the Fortune 500 were a country...It would be the world's second-biggest economy. See how big companies' sales stack up against GDP over the past decade. More
Sponsored By:
More Galleries
5 radical technologies that will change how you get to work From Uber's flying cars to the Hyperloop, these are some of the neatest transportation concepts in the works today. More
Royal wedding: How much will it cost? Meghan Markle's wedding to Prince Harry could cost millions once security is included in the bill. See how the costs break down. More
Robot co-workers? 7 cool technologies changing the way we work Experts believe humans and machines will work much more closely together. More
Worry about the hackers you don't know 
Crime syndicates and government organizations pose a much greater cyber threat than renegade hacker groups like Anonymous. Play
GE CEO: Bringing jobs back to the U.S. 
Jeff Immelt says the U.S. is a cost competitive market for advanced manufacturing and that GE is bringing jobs back from Mexico. Play
Hamster wheel and wedgie-powered transit 
Red Bull Creation challenges hackers and engineers to invent new modes of transportation. Play

Copyright 2009 Reuters All rights reserved. This material may not be published, broadcast, rewritten, or redistributed.