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Everywhere you look there’s signs of it, the TV is more filled than ever with commercials offering debt management programs, friends and family lose jobs and houses, and the cost of everything is in a constant state of increase…

So what does it mean for the average American, and what do they have to say about it?

The New York-based research group Conference Board said Tuesday that its Consumer Confidence Index dropped to 50.4 from a revised 58.1 in May. The reading was the lowest since February 1992, when it was 47.3.

Among the components in the overall report, the Expectations Index - a measure of consumers’ economic outlook for the future - hit an all-time low, declining to 41 from 47.3 in May.

The Present Situation Index, which measures how the average consumer feels about the economy right now, decreased to 64.5 from 74.2 in May.

The number of respondents reporting that business conditions as bad increased to 32.5% from 29.7% in May, while those claiming business conditions as good declined to 11.5% from 13% last month.

Consumers’ take on the job market was also more pessimistic this month. Those who said jobs are hard to get increased to 30.5% from 28.3% in May, while those saying jobs are plentiful declined to 14.1% from 16.1% the month before.

The labor market for the months ahead was also cause for concern. The percent of consumers expecting fewer jobs in the near future increased to 35.5% from 32.3%, while those who think there will be more jobs declined to 8% from 9%.

The six-month outlook for future business conditions got worse in June. Those who expect business conditions to worsen until December rose to 33.9% from 32.9%, while those who expect business to get better decreased to 8.8% from 10.6% in May.

The index - based on a survey of 5,000 U.S. households conducted for The Conference Board by TNS - has declined for six months in a row. The index uses 1985 as the benchmark year when the index stood at 100.

Gas prices are rising again after a 3 day decline, and the prices of homes are decreasing- leaving many home owners with morgages that are worth more than their houses. 

Some claim that things aren’t that bad, with consumer spending still holding steady, though many point to tax returns and stimulus checks as the sources for the spending, and as soon as that resource has been tapped, the decline in spending will be immediately felt.

So what do we do from here?

I’m afraid there’s no clear answer…

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