Consumer spending, confidence fall to lowest levels of the year

The economic recovery is looking increasingly dicey, as consumer spending and confidence both slid to their lowest levels of the year amid tumbling gas prices and a still-grim jobs forecast.

Americans – especially wealthier ones – are feeling pessimistic and cautious this month. An index of sentiment from Thomson Reuters and the University of Michigan slipped to 73.2 from 79.3 in May, marking its first decline in 10 months and reaching its lowest level since December.