Consumer confidence is at a 16-year low, according to the New York-based Conference Board. The index of consumer expectations shows that people are deeply concerned about such matters as gas and food prices. As they gaze into the future, they are not hopeful.

Based on a survey of 5,000 households, the consumer confidence level dropped from 58.1 in May to 50.4 in June, USA Today reports. That's the lowest since February 1992.

Lynn Franco, director of the Conference Board Consumer Research Center, said the survey "suggests the economy remains in low gear."

The fall in stock prices and home prices is adding to the worries.

"We're now nine months into a slowdown, and the fear is that it could go on for another nine months," said Ken Goldstein, economist for the Conference Board.

Adding to consumer concerns:On Tuesday, Dow Chemical, which makes a variety of materials used in many products, said it would increase prices by as much as 25 percent in July. The same day, cereal maker Kellogg announced it has reduced box sizes on several cereals while keeping prices the same.

To put the 50.4 figure in perspective, consumer confidence was at 105.3 in June 2007.