Consumer Confidence Dives Again in June
NEW YORK-For the second straight month, the consumer confidence index finished on the downside, slipping 3.2 points from its May level to 58.5.
The index, which is provided monthly by The Conference Board, suffered from a dropoff in both of its major component indexes in June, indicating consumers' concerns for the economy both now and down the road. The present situation index fell 1.7 points to 37.6, while the expectations index was 72.4, down 4.3 points.
In addition, a larger percentage of the consumers surveyed for the monthly indicator rated current business conditions as "bad," while an increased percentage of the responding consumers said jobs are "hard to get." A larger ratio of consumers also said they expected business conditions to worsen over the next six months, and the percentage of those expecting an increase in jobs in that time frame declined.
Lynn Franco, director of the Consumer Research Center at The Conference Board, said, "Consumers rated both current business and labor-market conditions less favorably than in May, and fewer consumers than last month foresee conditions improving over the next six months. Given the combination of uneasiness about the economic outlook and future earnings, consumers are likely to continue weighing their spending decisions quite carefully."