US consumer confidence slumps to lowest level in 16 months

Shopping CartsWASHINGTON (AP) — U.S. consumer confidence slipped to its lowest level in 16 months as persistent inflation and rising interest rates have Americans as pessimistic as they’ve been about the future in almost a decade.

The Conference Board said Tuesday that its consumer confidence index slipped to 98.7 in June from 103.2 in May — the second straight monthly decline and the lowest level since February 2021.

The business research group’s expectations index, based on consumers’ six-month outlook for income, business and labor market conditions, tumbled in June to 66.4 — its lowest level since 2013.

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