Americans haven’t been this pessimistic about the U.S. economy since the country’s last big recession was almost over in 1992, says the New York City-based Conference Board.
The business group’s consumer confidence index has plummeted to 50.4 in June about half what it was a year ago and down from 58.1 in May. This month’s overall index is the board’s fifth-lowest ever.
More of 30% of consumers consider current economic conditions “bad” vs. 12% who consider it “good,” according to the board. The group also says consumer optimism about conditions 3-6 months from now is at an all-time low.
Unfortunately, the malaise appears to be spreading.
So far end of June, European statisticians have reported that confidence among French manufacturers and German business executive fell to two-year lows in June. And researchers said yesterday that consumer confidence in Italy is at its lowest in four years