U.S. consumers are feeling increasingly nervous about the economy. The Conference Board announced today that its consumer confidence index dropped from 64.4 in May, to 62 in June. This marks the fourth consecutive month the index has declined, and the lowest reading in five months, Bloomberg noted.
Economists attributed the decline to rising worries over unemployment and the faltering world economy.
Consumer sentiment is falling even as gas prices decline, the economists noted. A drop in gas prices often signals a rise in consumer spending for other products, but analysts said consumers were being “a bit cautious” with spending at the current time.
The Conference Board’s index of expectations for the coming six months also fell, to 72.3, down from 77 last month, and the dimmest reading since November.
The numbers from the Conference Board mirror the results of the Thomson Reuters/University of Michigan index of consumer sentiment, released earlier this month. That reading fell from 79.3 in May to 74.1 this month, missing the 77.5 level anticipated by economists.