Consumer Confidence Hits Seven-Month Low

People antsy about unemployment rate
By Newser Editors and Wire Services
Posted Jun 28, 2011 1:40 PM CDT
US Consumers' Confidence: June Sees Drop Due to Gas Prices, Unemployment, Housing Prices
In this June 15, 2011 photo, Rakesh Dodda, second from left, stands in a line at a job fair in Southfield, Mich.   (Paul Sancya)

US consumer confidence plunged to a seven-month low in June on continuing worries about high unemployment and stagnating wages. A reading of 90 indicates a healthy economy on the index; the June score was 58.5, a six-point drop from May. The Conference Board's Consumer Confidence Index measures how Americans feel about business conditions, the job market, and the next six months.

Aside from falling gas prices, US economic news has been mostly bad. This report was issued on the same day a widely watched index reported that spring buying boosted home prices in 13 US cities, but overall showed that housing remains weak in most of the country.

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