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June Consumer Confidence Slips

Softening in business and employment conditions cited as reasons for decline.

NEW YORK – The Conference Board on Tuesday reported its Consumer Confidence Index, which rebounded to 108.5 in May, slipped to 103.9 in June.
The Present Situation Index decreased from 1361.1 in May to 127.9 this month. The Expectations Index also decreased, going from 90.1 in May to 87.9.
A perceived softening in present-day business and employment conditions are the major reasons behind this month’s pull-back in confidence,” said Lynn Franco, Director of The Conference Board Consumer Research Center. β€œIn fact, the Present Situation Index now stands at levels nor seen since the final quarter of last year. Looking ahead, consumers remain rather subdued about short-term economic prospects.”
The percentage of consumers expecting business conditions to improve in the next six months edged up to 16.1 from 15.3. Those expecting conditions to worsen also increased, moving from 10.2 to 11 percent.
There was a mixed labor outlook, with the percentage expecting more jobs in the near future moving up to 14 and those expecting fewer jobs rising to 17 percent.
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