The consumer confidence index declined again in June, dropping to 50.4 from an upwardly revised 58.1 in May, the Conference Board reported yesterday.
The May index reading was originally reported as 57.2.
Economists polled by IFR Markets predicted the index would fall to 56.5.
The present situation index fell to 64.5 from a downwardly revised 74.2, originally reported as 74.4, while the expectations index slid to 41.0 from an upwardly revised 47.3 in May, first reported as 45.7.
“This month’s consumer confidence index is the fifth lowest reading ever,” said Lynn Franco, director of the Conference Board’s consumer research center. “Consumers’ assessment of present-day conditions continues to grow more negative suggests the economy remains stuck in low gear. Looking ahead, consumers’ economic outlook is so bleak that the expectations index has reached a new all-time low. Perhaps the silver lining to this otherwise dismal report is that consumer confidence may be nearing a bottom.”