Wednesday, June 1, 2011

US consumers lose faith in economy

US consumers' outlook on the economy darkened sharply in May.

Source: Press TV

A new report on the US economy shows that Americans are losing faith about the country's recovery from the current fiscal crisis.

The Conference Board, a US-based nonprofit business research association, has announced that its consumer confidence index slid to 60.8 in May from 66.0 a month earlier.

"Consumers are considerably more apprehensive about future business and labor market conditions as well as their income prospects. Inflation concerns, which had eased last month, have picked up once again," said Lynn Franco, head of research at the Conference Board, according to AFP.

The Conference Board report says Americans are also worried about unemployment and rising food and fuel prices.

The report also shows that there is a growing sense that business conditions will deteriorate, jobs will be harder to find and incomes will shrink.

The number of Americans seeking unemployment benefits rose by 10,000 to a seasonally adjusted 424,000, which is above the 375,000 level consistent with sustainable job growth.

The US has been grappling with an economic downturn since it unleashed its so-called 'war on Terror' military campaigns on Afghanistan and Iraq during the administration of former President George W. Bush's.

The meltdown has been the worst economic crisis to hit America since the Great Depression of the 1930s.

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