Consumer confidence takes a hit in June

A recent decline in consumer confidence continued to weigh heavily on the financial safety and soundness Americans feel about making major investments.

A recent decline in consumer confidence continued to weigh heavily on the financial safety and soundness Americans feel about making major investments.

The confidence level fell to a mark of 62 out of 100 in June, according to The Conference Board. This is a notable decrease from the previous month when the index was at 64.4.

"Consumer confidence declined in June, the fourth consecutive moderate decline," said Conference Board director of economic indicators Lynn Franco. "Consumers were somewhat more positive about current conditions, but slightly more pessimistic about the short-term outlook."

Specifically, the consumer expectations index fell to 72.3 in June from 77.3 the previous month. In contrast, the present situation index, which measures the current individual financial comfort level, increased to 46.6 this month from 44.9 in May.

The current state of the job market continues to impact consumers and the major decisions they make, such as purchasing property. Last month, the unemployment rate edged higher to 8.3 percent, but a decline in the number of long-term unemployed Americans could help improve the jobless rate in the near future.



blog comments powered by Disqus