Job losses hit June consumer confidence

NEW YORK (AP) — Mounting job losses and other economic realities caught up with Americans in June, pushing down a key barometer of consumer sentiment after a streak of gains built on glimmers of hope.

Some economists say the reality check offered by Tuesday’s report from the New York-based Conference Board may not augur well for spending in the critical months ahead.

The Conference Board said its Consumer Confidence Index stands at 49.3, down from its revised May level of 54.8.

The drop coincided with mixed messages in the housing market. A report from the Treasury Department showing foreclosures jumped in the first quarter compared with 2008’s fourth quarter. But a key housing price index showed price declines moderating.

Job security — a key factor in shoppers’ willingness and ability to spend — continued to plague consumers surveyed by the Conference Board. And the Labor Department, which reports June’s job data Thursday, is expected to show unemployment climbed.