June Consumer Confidence Retreats After Months of Gains
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Following months of better data, June Consumer Confidence from the Conference Board retreated to 49.3, versus May's reading of 54.9.
In addition to the headline number, the Present Situation Index decreased to 24.8 from 29.7 and the Expectations Index declined to 65.5 from 71.5 in May.
If confidence continues to fall back in coming months, analysts at Deutsche Bank think market concerns of a double-dip in consumer spending will increase.
As would be expected, consumers view on the jobs picture is weak. The survey showed that those stating jobs are "hard to get" increased to 44.8% from 43.9%, while those saying jobs are "plentiful" decreased to 4.5% from 5.8%. In addition, those anticipating more jobs in the months ahead decreased to 17.4% from 19.3%, while those anticipating fewer jobs increased to 27.3% from 25.6%. The proportion of consumers expecting an increase in their incomes declined to 9.8% from 10.8%.
The Consumer Confidence Survey is based on a representative sample of 5,000 U.S. households.
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