Jun 28, 2011
The Conference Board's Consumer Confidence Index declined again in June, down to 58.5 from an upwardly revised 61.7 in May, its lowest level in eight months.
Economists had been expecting a much smaller drop to 60.5. The Present Situation Index fell to 37.6 from 39.3, and The Expectations Index decline to 72.4 from 76.7.
Lynn Franco, Director of The Conference Board Consumer Research Center said, "This month's decline in consumer confidence was driven by a less favorable assessment of current conditions and continued pessimism about the short-term outlook. 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. Inflation fears eased considerably in June, but concerns about income prospects increased. Given the combination of uneasiness about the economic outlook and future earnings, consumers are likely to continue weighing their spending decisions quite carefully."
Consumers were pessimistic about the job market over the next six months, as just 14.2% now anticipate more jobs over the next six months, down from 16.7% last month, while the number of people expecting fewer jobs remained unchanged at 20.3%.
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