Consumer Confidence Drops
After rising in May, the Conference Board's index of consumer confidence dropped again in June. The index dropped to 49.3 (out of 100), after reaching 54.8 in May, with the Present Situation Index dropping as well.
"The decline in the Present Situation Index, caused by a less favorable assessment of business conditions and employment, continues to imply that economic conditions, while not as weak as earlier this year, are nonetheless weak," the Conference Board Consumer Research Center's director, Lynn Franco, said as part of the announcement. "Looking ahead, Expectations continue to suggest less negative conditions in the months ahead, as opposed to strong growth."
The index, however, remains significantly higher than its level for most of this year.