“A widely watched barometer of sentiment has been pushed down, thanks to Americans starting to lose faith in the economy. The Consumer confidence Index is said to stand at 49.3 according to the New- York based Conference board, down from its revised level of 54.8 in May.Consumer spending in the US is a closely watched activity as it accounts for more than 2/3rds of economic activity. The earlier gains were reversed after the conference released its report as the Dow Jones industrials fell 71.04 points, although home price declines moderated in April. The Present Situation index as gauged from the shoppers in May, declined from 29.7 to 24.8.Also, the Expectations Index measuring the outlook for the next six months dropped to 65.5 from 71.5.This decline is said to imply that consumer views implies that economic conditions may take yet some time to stabilize.Most economists are still confident that this confidence will hold steady at 55 after the surges of April and May.

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