Consumer confidence in U.S. falls in June as Americans fret about near-term prospects
American consumers lost some confidence in June as expectations over the near-term future fell again
American consumers lost some confidence in June as expectations over the near-term future fell again.
The Conference Board, a business research group, said Tuesday that its consumer confidence index fell in June to 100.4 from 101.3 in May. The index's decline was not quite as bad as analysts were expecting.
The index measures both Americans’ assessment of current economic conditions and their outlook for the next six months.
The measure of Americans’ short-term expectations for income, business and the job market fell to 73 from 74.9 in May. A reading under 80 can signal a potential recession in the near future.
Consumers’ view of current conditions rose in June to 141.5, up from 140.8 in May.
“Confidence pulled back in June but remained within the same narrow range that’s held throughout the past two years, as strength in current labor market views continued to outweigh concerns about the future,” said Dana Peterson, the Conference Board’s chief economist.
Even though the unemployment rate ticked up to 4% in May, America’s employers added a strong 272,000 jobs last month, a sign that companies are still confident enough in the economy to keep hiring despite persistently high interest rates.
Last month’s sizable job gain was propelled by consumer spending on travel, entertainment and other services. U.S. airports reported near-record traffic over the Memorial Day weekend.
Despite the better-than-expected job gains in May, there is some visible weakening in the labor market: job postings for April hit their lowest level since 2021 and the number of Americans who are receiving unemployment benefits has risen for seven
Read more on abcnews.go.com
