New figures show that US consumer confidence plunged in June due to growing concerns about jobs and the economy.
The Conference Board, a business research firm, said its index of consumer confidence, which has slid all year, fell to 50.4 points in June from 58.1 in May. The decline was much sharper than economists had expected.
The June consumer confidence reading was the fifth-weakest since the Conference Board started the index in August 2003.
'Consumers' assessment of present-day conditions continues to grow more negative and suggests the economy remains stuck in low gear,' said Lynn Franco, consumer research director at the Conference Board.
She also said that consumers' economic outlook was so bleak that the expectations index has reached a new all-time low.
Both major components of the index tumbled sharply in June. The present situation index, which measures how consumers feel about current conditions, fell to 64.5 from 74.2 in May. The expectations index, which measures consumers' outlook for the next six months, fell to 41 from 47.3 in May.
Separate figures showed that home prices in the bigger US cities continued a downward spiral during April.
The Standard & Poor's/Case-Shiller Home Price Indices, which cover prices in 10 metropolitan areas, showed that prices in Las Vegas slumped 26.8% in the year to April while values in Miami tumbled 26.7%. The overall index was down 16.3%.
