U.S. Consumer Confidence Hits Seven-Month Low

Consumer confidence dropped to a seven-month low in June as Americans grew concerned about the outlook for jobs and wages.

The Conference Board’s sentiment index decreased to 58.5 from a revised 61.7 in May that was higher than previously estimated, figures from the New York-based private research group showed today. Home prices fell in the year ended in April by the most in 17 months, another report showed.

Unemployment hovering around 9 percent, deterioration in the housing market and a drop in share prices may restrain Americans’ sentiment, raising the risk that the biggest part of the economy will stagnate. The Federal Reserve last week kept in place record monetary stimulus to help nurture the expansion through what it views is a “temporary” slowdown.

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- Posted: 2011-06-28 12:22:15

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