The Conference Board is the latest to weigh in on consumer confidence, and is also the latest to note a downward trend. It’s basic indicator, Conference Board Consumer Confidence Index stood at 64.4 in May, but slipped to a June reading of 62.0.
Another key metric also declined: the Expectations Index slipped from 77.3 to 72.3. However, CB uncovered at least a somewhat mixed bag, finding an increase in the Present Situation Index from 44.9 up to 46.6. The survey is based on Nielsen data.
CB’s Lynn Franco stated, “Consumer Confidence declined in June, the fourth consecutive moderate decline. Consumers were somewhat more positive about current conditions, but slightly more pessimistic about the short-term outlook. Income expectations, which had improved last month, declined in June. If this trend continues, spending may be restrained in the short-term. The improvement in the Present Situation Index, coupled with a moderate softening in consumer expectations, suggests there will be little change in the pace of economic activity in the near-term.”
14.9% believe business conditions are good, up from 13.6% a month ago. But the percentage thinking conditions are bad is also on the upswing, although minimally: That result was 35.1%, up from 34.7%. 41.5% now believe jobs are hard to get, up from 40.9%.
15.5% expect improvement in the next six months, another downer compared to May, when that response clocked in at 16.6%. The pessimists increased even more noticeably: 16.2% are expecting a decline over the same period, compared to only 12.9% last month.