U.S. consumer confidence fell in June, canceling some of the growth showcased last month, according to a June 24 statement from business think tank The Conference Board (TCB).
The Conference Board’s Consumer Confidence Index deteriorated by 5.4 points in June, falling to 93 from 98.4 in May. Last month, it had rebounded by more than 12 points after five consecutive months of decline. TCB’s Confidence Survey reflects prevailing consumer and business attitudes, along with expectations for the months ahead.
The Present Situation Index and Expectations Index fell 6.4 points and 4.6 points, respectively, suggesting a bit of a gloomy outlook.
Consumers’ “appraisal of current job availability weakened for the sixth consecutive month, but remained in positive territory, in line with the still-solid labor market,” said Stephanie Guichard, senior economist at The Conference Board. “The three components of the Expectations Index—business conditions, employment prospects, and future income—all weakened. Consumers were more pessimistic about business conditions and job availability over the next six months, and optimism about future income prospects eroded slightly.”…