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Consumer confidence fell to 62.0 in June, down from 64.9 in May.This compares to economists’ expecation for 63.0.
“Consumer Confidence declined in June, the fourth consecutive moderate decline,” wrote Lynn Franco of the Conference Board.
“Consumers were somewhat more positive about current conditions, but slightly more pessimistic about the short-term outlook. Income expectations, which had improved last month, declined in June. If this trend continues, spending may be restrained in the short-term. The improvement in the Present Situation Index, coupled with a moderate softening in consumer expectations, suggests there will be little change in the pace of economic activity in the near-term.”
Shortly, the Conference Board will publish its latest reading of U.S. consumer confidence.
Thanks to the recent string of disappointing economic data, economists are expecting the reading to decline to 63.0.
This is down slightly from May’s disappointing reading of 64.9.