Consumer Confidence Drops To 16 Year Low

New York, NY (AHN) - June consumer confidence dropped much more than expected. The June reading was 50.4, economists were expecting a reading of 56.4

The June reading marks a 16 year low for the survey which gauges consumer sentiment by surveying 5000 households each month, their opinions on current economic conditions and their expectations for the future.

The June reading is also much lower than the 58.1 seen in May as high fuel prices and uncertainty in the housing and banking sectors continue to trouble investors and the public on a whole.

Consumer confidence has dropped more than half since July 2007, when it was at a level of 111.9.