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- U.S. consumer confidence declines more than forecast in June
U.S. consumer confidence declines more than forecast in June
The Conference
Board announced on Tuesday its U.S. consumer confidence gauge fell 9.8 points
to 121.5 in June from 131.3 in May.
Economists had
expected consumer confidence to come in at 131.2.
May’s consumer
confidence reading was revised down from originally estimated 134.1.
The survey
showed that the expectations index decreased from 105.0 last month to 94.1 this
month, while the present situation index fell from 170.7 to 162.6.
Lynn Franco,
Senior Director of Economic Indicators at The Conference Board, noted, “After
three consecutive months of improvement, Consumer Confidence declined in June
to its lowest level since September 2017 (Index, 120.6). 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.”
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