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 in line with what analysts were expecting.
FILE - Customers eat lunch at the counter at the Lexington Candy Shop on Sept. 28, 2023, in New York. On Tuesday, June 25, 2024, the Conference Board issues its monthly survey of consumer confidence in the United States, which reflects Americans’ assessment of current economic conditions and their outlook for the next six months. FILE - Cathy Payne of Henderson looks at toys for her granddaughter at the Pigtails & Cowlicks consignment sale on Apr. 20, 2024, in Owensboro, Ky.
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.“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.
Most economic indicators show the U.S. economy in good shape by historical standards, though there have been some signs that growth is slowing.to a 1.3% annual pace in the face of high interest rates, down from a brisk 3.4% growth rate in the final three months of 2023.this summer. The latest quarterly earnings reported by big retailers show that while consumers have not stopped spending, they are becoming more price-conscious and choosy.
Consumer expectations of a recession in the next year pulled back in June after rising the previous two months, the Conference Board said.
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