U.S. Consumer Confidence Slumps

Reflects increasing uncertainty about the future state of the economy and labor market

After three straight monthly rises amid increasing U.S. economic uncertainty and unemployment concerns, U.S. consumer confidence tumbled in June.

The Conference Board, a business research firm, said its Consumer Confidence Index declined sharply to 52.9 points from 62.7 in May.

Most economists had expected the index to be at 62.0 in June.

"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 the board's consumer research center.

"Until the pace of job growth picks up, consumer confidence is not likely to pick up," Franco said.

Copyright Agence France-Presse, 2010

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