The weaker job market is causing a freefall in economic confidence, a survey shows.
Driven by a weaker job market and poor business conditions, consumer confidence dropped to a 16-year low in June, the Conference Board reported this week.
Based on a nationwide survey of 5,000 households, the New York-based private research group's consumer confidence index fell from 58.1 in May to 50.4 in June, the lowest reading since 1992.
"Consumers' assessment of present-day conditions continues to grow more negative and suggests the economy remains stuck in low gear," Lynn Franco, the group's director of consumer research, said in a statement.
Their outlook for the future isn't much better, with 35.5 percent anticipating fewer jobs and 33.9 percent expecting business conditions to worsen in the months ahead, the survey found.
"Perhaps the silver lining to this otherwise dismal report is that Consumer Confidence may be nearing a bottom," Franco said in a statement.