'June Sees Small Decline in US Consumer Confidence'

Money | June 25, 2024, 2:53 p.m.

In June 2024, the Conference Board Consumer Confidence Index® dropped slightly to 100.4, reflecting consumers' persisting concerns about the future. While the Present Situation Index rose, the Expectations Index, signaling short-term outlook, fell for the fifth consecutive month, remaining below the recession threshold of 80. Chief Economist Dana M. Peterson noted that current labor market strength balanced future uncertainties, but any weaknesses could impact Confidence in the coming months. Consumer responses highlighted worries about rising prices, the labor market, and the political climate, with fewer concerns about the upcoming election's economic impact. Despite positive sentiments towards the stock market, expectations of higher interest rates decreased significantly. Purchasing plans for homes and cars remained low, while plans for vacations increased, with more consumers opting for domestic travel. Overall, consumers showed mixed feelings about the economic outlook, reflecting ongoing anxieties about the future.