Conference Board Consumer Confidence Index shows June decline
NEW YORK -- The Conference Board's Consumer Confidence Index now stands at 106.4 (1985=100), down from 110.3 in May.
The Present Situation Index fell to 105.7, down from 111.2 last month.
The Expectations Index fell to 106.9, down from 109.7.
"Weak labor market conditions, generally soft business conditions and waning public confidence in questionable business practices have helped erode consumer confidence," noted Lynn Franco, Director of the Conference Board's Consumer Research Center.
"Still, latest readings point to continued consumer spending and moderate economic growth," she said.
Consumers' assessment of current conditions was less favorable in June. Those rating conditions as "good" dipped from 21.2 percent to 20.1 percent.
Consumers rating current business conditions as "bad" rose from 18.5 percent to 19.1 percent. Those reporting jobs were "hard to get" increased from 21.8 percent to 23.1 percent. Those claiming jobs were "plentiful" decreased from 21.2 percent to 20.1 percent.
Consumers' expectations for the next six months were also less optimistic.
Those anticipating an improvement in business conditions declined from 24.9 percent to 23.6 percent. Those expecting conditions to worsen rose marginally from 6.8 percent to 7.0 percent.