Confidence Nears Record Low
The Conference Board’s Consumer Confidence Index plunged again in June, and now is at the fifth-lowest reading ever. The Index is widely regarded as an accurate barometer of consumer sentiment and a predictor of economic times ahead.
The Index now stands at 50.4 (1985=100), down from 58.1 in May. The Present Situation Index fell to 64.5 from 74.2 and the Expectations Index declined to 41 from 47.3 in May, a record low.
Six-month buying plans for big-ticket items were off across the board. In June, 2.2 percent of consumers planned on buying a home within six months, down from 2.4 percent in May. The percentage planning on buying a car fell from 5.1 percent in May to 4.8 percent in June, and 27.9 percent expected to purchase a major appliance within six months, down from 33.6 percent last month.