Feeling gloomy about the economy and your personal finance prospects? You’re not the only one.
According to the Conference Board, consumer confidence posted a sharp decline in June, dropping to 52.9 from May’s mark of 62.7. Lynn Franco, director of the firm’s Consumer Research Center, said that the metric had posted three straight monthly increases.
"Increasing uncertainty and apprehension about the future state of the economy and labor market, no doubt a result of the recent slowdown in job growth, are the primary reasons for the sharp reversal in confidence," Franco said.
Of consumers polled, those who thought more employment opportunities would be made available in the next few months fell from 20.2 to 16 percent, while the number of those who said they felt more jobs would come on the market fell from 20.8 to 17.8 percent.
May saw the unemployment rate drop to 9.7 percent, although much of that was accounted for by temporary jobs created by the U.S. Census Bureau. In the private sector, only 41,000 positions were added during the month.