InsideARM is reporting that the economic mood of consumers remains gloomy. The Conference Board’s Consumer Confidence Index was down to 50.4 in June, down over 50% from the lofty 105.3 points reported in June of 2004.
High food and fuel prices are cited as the catalyst for the declines. The American Automobile Association is reporting national gas averages of over $4/gallon for the first time ever. Consumers are also under pressure from the rising cost of goods and services in virtually all sectors as companies are forced to pass along higher transportation costs.
According to a recent survey by the Discover Spending Monitor, 54% of consumers feel that their personal financial situation is getting worse. Almost half of all respondents reported that they planned to spend less on discretionary purchases, and 42% report putting less money into savings due to the rising cost of fuel.
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