Consumer sentiment index at lowest in 2012

WASHINGTON -- The Thomson Reuters/University of Michigan index of consumer sentiment fell to 73.2 in June from 79.3 in May, reaching its lowest for 2012. Higher-income households said they planned to cut on spending, accounting for much of the drop.

The report echoes the Conference Board's survey of consumer confidence, which fell in June for the fourth straight month. Concerns about the job market are outweighing the benefits of lower gasoline prices.