Consumer confidence fell in June for 4th-straight month

Associated Press

NEW YORK

Americans can’t seem to shake their uneasy feeling about the economy.

Consumer confidence fell in June for the fourth- straight month as worries about jobs and the overall economy outweighed relief at the gas pump and an improvement in the housing market, according to a private research group.

The decline was modest; the Conference Board said Tuesday that its Consumer Confidence Index fell from 64.4 in May to 62 in June. But the four-month slide from 71.6 in February is significant and corresponds with a slowdown in hiring by U.S. companies over the same period.

The index is widely watched because consumer spending accounts for 70 percent of U.S. economic activity.

A reading of 90 indicates a healthy economy. The index hit an all-time low of 25.3 in February 2009.

The latest survey shows that despite lower gas prices, Americans still are worried about stagnant hiring, low home values, the choppy stock market and a worsening European economy that some fear will hurt the U.S.

“We’re trying to break free from this orbit, and we haven’t been able to,” said Mark Vitner, senior economist at Wells Fargo Economics. “Job-market concerns will always trump swings in energy prices.”