Consumer Confidence declines in June
After two months of gains, a closely watched index retreats.
The Consumer Confidence Index fell to 121.5, it’s lowest level since September 2017, the New York-based Conference Board announced Tuesday.
Meanwhile, the Present Situation Index – based on consumers’ assessment of current business and labor market conditions – decreased from 170.7 to 162.6. The Expectations Index – based on consumers’ short-term outlook for income, business and labor market conditions – decreased from 105.0 last month to 94.1 this month.
Lynn Franco, Senior Director of Economic Indicators at The Conference Board explained: “The decrease in the Present Situation Index was driven by a less favorable assessment of business and labor market conditions. Consumers’ expectations regarding the short-term outlook also retreated. The escalation in trade and tariff tensions earlier this month appears to have shaken consumers’ confidence. Although the Index remains at a high level, continued uncertainty could result in further volatility in the Index and, at some point, could even begin to diminish consumers’ confidence in the expansion.”
A year ago, the Consumer Confidence Index stood at 127.1.
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