U.S. consumer confidence in early June plunged to its lowest level in 28 years, an indication American adults are becoming increasingly concerned about rising energy and food prices, job layoffs, and the prospects for a U.S. economic recovery.
The Reuters/University of Michigan Surveys of Consumers said its reading of confidence fell to 56.7 in June from 59.8 in May.
It was the index's lowest reading since May 1980 -- a period also characterized by high oil/gasoline prices and a sluggish U.S. economy.
Economists surveyed by Bloomberg News had predicted that the May index would fall to 59.8. The index stood at 62.8 in April 2008 and 69.5 in March.
U.S. public: jittery
Economist Peter Dawson told BloggingStocks Friday, June's consumer sentiment reading shows an American public "with a warranted case of the jitters."
The Reuters/University of Michigan Surveys of Consumers said its reading of confidence fell to 56.7 in June from 59.8 in May.
It was the index's lowest reading since May 1980 -- a period also characterized by high oil/gasoline prices and a sluggish U.S. economy.
Economists surveyed by Bloomberg News had predicted that the May index would fall to 59.8. The index stood at 62.8 in April 2008 and 69.5 in March.
U.S. public: jittery
Economist Peter Dawson told BloggingStocks Friday, June's consumer sentiment reading shows an American public "with a warranted case of the jitters."
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