The numbers: A survey of U.S. consumer confidence dropped in June to a 16-month low of 98.7, as Americans grew more worried about high gas and food prices and the possibility of another recession.

Economists polled by The Wall Street Journal had forecast the index to drop to 100 from revised 103.2 in May.

Big picture: The U.S. economy has slowed and is likely to keep slowing with the Federal Reserve raising interest rates to try to tame the highest inflation in 40 years. Gas prices have soared, the cost of groceries have risen the most in decades and housing is very expensive.

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