Consumer confidence dropped in June, according to the Thomson Reuters/University of Michigan index of consumer sentiments. The month’s preliminary reading shows the index tumbled from 79.3 in May to 74.1 this month. That was a worse showing than the 77.5 expected by economists, Bloomberg noted.
This month’s fall was the first decline in 10 months, and the worst showing in six months. During the recession, the index held a monthly average of 64.9, far below its 89 average in the five years before the economic downturn began.
The index had shown improvement since it hit 69.9 in December of last year.
Analysts cited by Bloomberg attributed the decline to a faltering U.S. job market and rising concern over the escalating economic crisis in Europe.