NEW YORK (AP) — A monthly survey shows consumers’ confidence in the economy tumbled in June as worries about jobs and the overall strength of a recovery flared.
The Conference Board says that its Consumer Confidence Index dropped almost 10 points to 52.9, down from the revised 62.7 in May. Economists surveyed by Thomson Reuters had been expecting the reading to dip only slightly to 62.8.
June’s reading marked the biggest drop since February, when the index fell 10 points. The index had risen for three straight months.
Economists watch the number closely because consumer spending including health care and other major items, accounts for about 70 percent of U.S. economic activity.
