index consumer confidence of the American Conference Board has dropped 4.5 points in June, standing at 98.7 compared to the 103.2 registered in May. The result disappoints the 100 expected by the market consensus, according to Reuters.
Today’s is the lowest confidence figure seen in sixteen months, specifically since February 2021.
The current situation index, which is based on consumers’ assessment of current business and labor market conditions, decreased slightly to 147.1 from 147.4 last month. The expectations indexbased on consumers’ short-term perspectives on income, business, and labor market conditions, sharply decreased to 66.4 from 73.7 and is located at its lowest level since March 2013.
“Consumer confidence fell for the second month in a row in June,” he said. Lynn Franco, Senior Director of Economic Indicators at The Conference Board. “While the current situation index was relatively unchanged, the expectations index continued its recent downward trajectory, falling to its lowest point in almost a decade. Consumers’ gloomier outlook was due to growing concerns about inflation , particularly on rising gasoline and food prices.Expectations have now fallen well below a reading of 80, suggesting weaker growth in the second half of 2022, as well as a rising risk of recession by the end of the year.
Source: Fx Street
With 6 years of experience, I bring to the table captivating and informative writing in the world news category. My expertise covers a range of industries, including tourism, technology, forex and stocks. From brief social media posts to in-depth articles, I am dedicated to creating compelling content for various platforms.
