US consumer confidence plunges, outlook at record low

US consumer confidence plunged in June amid growing concerns about jobs and the economy, with one gauge of future expectations hitting an all-time low, the Conference Board reported Tuesday.
The business research firm said its monthly index of consumer confidence, which has slid all year, fell to 50.4 points in June from 58.1 points in May.
The June consumer confidence reading was the fifth weakest since the launch of the index in 1967. The decline in confidence was steeper than the expected 57.0 point reading forecast by most analysts.
"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.
"Looking ahead, consumers' economic outlook is so bleak that the expectations index has reached a new all-time low. Perhaps the silver lining to this otherwise dismal report is that consumer confidence may be nearing a bottom," she said.