Consumer Confidence Hits Shaky Stretch
Apparently the high cost of gas along with a slumping housing market has begun to catch up with American consumers as for a fourth straight month the Consumer Confidence Index was in decline.
The New York-based Conference Board reported last week that the Consumer Confidence Index fell to its lowest level in almost a year. At the same time, the Commerce Department said that new home sales dropped in May for the fourth time in the past five months.
The New York-based Conference Board said that its Consumer Confidence Index fell almost 5 points to 103.9 in June, down from a revised 108.5 in May, reaching the lowest level since August 2006 when the reading was 100.2. Analysts had expected a reading of 106.