Tuesday, June 25, 2024
Year : 2, Issue: 25
US consumer confidence decreased slightly in June from the previous month, according to the New York-based The Conference Board on Tuesday.
The consumer confidence index, a leading indicator of consumer spending and economic activity, fell 0.9 points to 100.4 in June.
The figure for May was revised down to 101.3 from 102.0 when it improved after three consecutive months of decline and rebounded from its lowest level since July 2022.
The index, meanwhile, came slightly higher than the market expectation of 100.0.
“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, chief economist at The Conference Board.
“However, their expectations for both future income and business conditions weakened, weighing down the overall Expectations Index,” she added.
Peterson said American consumers were less concerned in June about a possible recession, compared to May.
Their average 12-month inflation expectations ticked down slightly from 5.4% to 5.3%, she added.
Source: Anadolu Agency
