The current situation index, which reflects American consumers’ assessments of current job and labor market conditions, decreased by 0.3 points to 147.1 in June
In the US, the Conference Board Consumer Confidence Index decreased by 4.5 points on a monthly basis to 98.7 in June, the lowest level since February 2021, due to increasing concerns about inflation.
The Conference Board announced June data on the consumer confidence index, which measures the trends of American consumers.
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Accordingly, the consumer confidence index decreased by 4.5 points in June compared to last month and fell to 98.7. In this period, consumer confidence, which fell to the lowest level recorded since February 2021, was estimated to be 100.4. Consumer confidence was realized at 103.2 in May.
The current situation index, which reflects American consumers’ assessments of current business and labor market conditions, decreased by 0.3 points to 147.1 in June.
The expectations index, which reflects short-term assessments of the future, decreased by 7.3 points to 66.4 in the same period.
Lynn Franco, Senior Director of Economic Indicators at the Conference Board, stated that consumer confidence carried its decline to the second month in June.
Pointing out that the expectations index fell to its lowest level in almost 10 years, Franco said, “Consumers’ more pessimistic outlook was driven by growing concerns about inflation, especially rising gasoline and food prices.”
Franco said the decline in expectations points to weaker growth in the second half of 2022 as well as an increased risk of recession by the end of the year.
Lynn Franco stated that consumer spending and economic growth may continue to face strong headwinds from inflation and interest rate hikes over the next six to six months.
