Consumer confidence hits all-time low

Confidence among U.S. consumers hit an all-time low this month, as consumers fretted about falling housing prices, rising food and energy prices, and a softening job market, a new reading of consumer attitudes showed. The RBC Consumer Attitudes and Spending by Households Index, compiled by RBC Capital Markets Corp. of New York, fell to a reading of 22.5 this month, dropping from 39 in May. “This was a very stark decline, and it really highlights extreme pressure on the U.S. consumer,” said T.J. Marta, the bank's economic and fixed-income strategist. The Expectations Index, which measures consumers' economic outlook, fell to -43.9 this month, compared with -24.1 in May. The Current Conditions Index shed nearly 17 points to fall to a reading of 40.5, down from a reading of 57.4 last month. The Investments Index fell to a reading of 45.1, compared with 60.7 last month. The Jobs Index, which measures Americans' perception of their job security, fell to 87.3, from 93.7 last month, marking its lowest level since it was first tracked in January 2002. The indexes were compiled from a sample of 1,000 U.S. adults polled between May 29 and June 2 by Ipsos-Reid Public Affairs, a Toronto-based research company.