Consumer Confidence in U.S. Declines to a Five-Month Low

Confidence among U.S. consumers declined in June to a five-month low as Americans became less sanguine about the outlook for the labor market and incomes.

The Conference Board’s index dropped for a fourth straight month, to 62 from a revised 64.4 in the prior month, figures from the New York-based private research group showed today. The median forecast of economists surveyed by Bloomberg News called for a reading of 63.

The figures show falling gasoline prices are having limited effect at the same time hiring and income growth cools. The risk of a cutback in consumer spending, which accounts for about 70 percent of the economy, helps explain the Federal Reserve’s decision last week to extend a policy aimed at holding down borrowing costs.

Read Full Article from Bloomberg

- Posted: 2012-06-26 11:47:48

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