The Conference Board Consumer Confidence Index, which had declined in May, fell further in June, as the Index now stands at 62.0 (1985=100), down from 64.4 in May. It was the fourth consecutive monthly decline.
In addition, the Expectations Index declined to 72.3 from 77.3, but the Present Situation Index increased to 46.6 from 44.9 last month.
Said Lynn Franco, director of economic indicators at The Conference Board: “Consumers were somewhat more positive about current conditions, but slightly more pessimistic about the short-term outlook. Income expectations, which had improved last month, declined in June. If this trend continues, spending may be restrained in the short-term.
“The improvement in the Present Situation Index, coupled with a moderate softening in consumer expectations, suggests there will be little change in the pace of economic activity in the near-term.”
The next release is scheduled for Tuesday, July 31, at 10:00 a.m. eastern time.
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