The Conference Board’s Consumer Confidence Index fell to 93.0 in June, the lowest level since January, as concerns about the economy persisted. The Present Situation Index dropped 6.4 points to 129.1, while the Expectations Index decreased by 4.6 points to 69.0. Consumers’ assessments of current business conditions and job availability weakened, with a decline in expectations for income prospects.
A broad-based decline across age groups and income levels characterized the June downturn. Republicans were most affected, with their confidence index falling more than other groups. The top concerns cited by consumers included tariffs, inflation, and geopolitics.
However, optimism about stock prices continued to recover from its April low, with 45.6% expecting an increase in the next 12 months. Interest rates remained a concern, with 57% anticipating rises. Purchasing plans for cars remained steady, while those for homes declined. Consumers’ views of their family’s current financial situation remained solid but showed slight deterioration.
The decline in consumer confidence was most pronounced in expectations for future business conditions and job availability. The share of consumers expecting a recession over the next 12 months increased slightly in June. Overall, the latest Consumer Confidence Index suggests ongoing concerns about the economy, with consumers expressing more pessimism than optimism about the outlook.
Source: https://www.prnewswire.com/news-releases/us-consumer-confidence-retreats-in-june-302489618.html