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Consumer confidence dips amid job worries

June 29, 2010

The Conference Board's consumer confidence index fell in June for the first time in three months amid concerns over the labor market.

The index now stands at a reading of 52.9 (1985=100), down from 62.7 in May.

"Increasing uncertainty and apprehension about the future state of the economy and labor market, no doubt a result of the recent slowdown in job growth, are the primary reasons for the sharp reversal in confidence," said Lynn Franco, director of The Conference Board research center. "Until the pace of job growth picks up, consumer confidence is not likely to pick up."

Consumers in the index's survey saying business conditions are "good" fell to 8.0% in June from 9.7% in the previous month.

In addition, consumers saying jobs are "hard to get" rose to 44.8% in June from 43.9% in May. And those saying jobs are "plentiful" fell to 4.3% from 4.6%.