California Consumer Confidence Dropping

More indications the Californians aren’t exactly thrilled about the economy these days.  From the Los Angeles Business Journal:

Consumer confidence in California evaporated during the second quarter thanks to the one-two punch of a soft housing market and record high gas prices, according to a survey from Chapman University.  Chapman’s consumer sentiment index rating for the second quarter was 82.8, down 19 points from the first quarter, though slightly higher than the second quarter of 2006 when gas prices also were high and the housing slowdown had just begun statewide.  n index level below 100 reflects a higher percentage of pessimistic consumers in the survey as compared to those who are optimistic.  “Continued housing market woes coupled with higher gasoline and food prices are negatively impacting consumers’ assessment of current and future economic conditions,” said Esmael Adibi, director of the Anderson Center for Economic Research at Chapman and the author of the survey.