Consumer Confidence Falls to 28-Year Low

U.S. consumer confidence fell to a 28-year low this month, according to the Reuters/University of Michigan monthly consumer sentiment index released Friday.

The preliminary for June fell to a reading of 56.7, the weakest since June 1980, from May’s 59.8 reading, the survey said.

Economists had forecast a drop to 59, Bloomberg said.

Last year the index averaged of 85.2, and economists had predicted a May reading of 62, Bloomberg reported.


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