An index of U.S. consumer confidence fell more than expected in June as gasoline prices remained high and concern increased over the labor market, reported Bloomberg News. This could mean that consumer spending, which accounts for more than two-thirds of the economy, could slow in upcoming months.

The Conference Board’s index of consumer confidence dropped to 103.9 from 108.5 in May. It is below last year’s average of 105.9 and analysts’ estimate of 105.

According to the survey, the number of Americans who believe jobs are plentiful declined to 27 percent from 29.1 percent a month ago. Those who said jobs are hard to get rose to 21.1 percent from 19.7 percent. The percentage of Americans planning to buy a home in the next six months stayed at 2.8 percent.

The survey also found that 16.4 percent of Americans believe overall business conditions are deteriorating, compared with 14.6 percent in May, and only 16.1 percent expect improvements in the next six months.