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The Conference Board reports that its monthly consumer confidence index is down to 50.4 in June, from 58.1 in May, which makes it the fifth lowest level ever recorded by the organization.

According to press reports, the Conference Board expected the June index to be 56.5, which means that its economists were surprised by the depth of the consumer skepticism.

Lynn Franco, a spokesperson for the Conference Board, is quoted as saying that the new number means that “the economy remains stuck in low gear.”

KC's View:
Which means that Lynn Franco gets the “understatement of the year” award.

Oy.