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Consumer Confidence Takes a Plunge

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Increasingly worried about jobs and the economy – and perhaps about the situation in the Gulf of Mexico – U.S. consumer confidence took a nosedive in June.

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The Conference Board confidence index dropped to 52.9 for the month, the lowest level since March and down nearly a full point from May’s 62.7 index.

“Increasing uncertainty and apprehension about the future state of the economy and labor market, no doubt a result of the recent slowdown in job growth, are the primary reasons for the sharp reversal in confidence,” said Lynn Franco, director of Conference Board’s consumer research center. “Until the pace of job growth picks up, consumer confidence is not likely to pick up.”

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