US consumer confidence dropped sharply in June as concerns over high inflation left consumers expecting economic growth to weaken significantly in the second half of the year.
The Conference Board said on Tuesday that its consumer confidence index dropped 4.5 points to a reading of 98.7 this month.
The current situation index, based on consumers’ assessment of current business and labor market conditions, dropped to 147.1 from 147.4 last month.
The expectations index, based on consumers’ short-term outlook for income, business and labor market conditions, dropped to 66.4 – the lowest level since March 2013 – from 73.7 in May.
“Expectations have now dropped well below a reading of 80, suggesting weaker growth in the second half of 2022, as well as an increasing risk of recession through the end of the year,” said Lynn Franco, senior director of economic indicators at The Conference. Board in Washington.
Source: CNN Brasil
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