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Consumer Confidence Falls in May
Reuters reports that U.S. consumer confidence fell significantly in June. The fall comes after consumer confidence climbed in the April and May.
The Conference Board, an industry group, said on Tuesday its index of consumer attitudes dropped to 49.3 from 54.8 in May. The Present Situation Index slid to 24.8 from 29.7.
Americans saying jobs are "hard to get" increased to 44.8 percent from 43.9 percent the previous month, while those saying jobs are "plentiful" slid to 4.5 percent from May's 5.8 percent.
"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.
The L.A. Times reports that economists had been expecting the June number to be unchanged from May. Positive news that there are so-called "green shoots" or that the economy is starting to turn around can only help people stay hopeful and optimistic for so long. There reality is that the economy has not stopped shedding jobs. Until it does we are not going to see a recovery from this recession.
Posted on June 30, 2009
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