Consumer confidence dips in June amid economic unease
By
Zachary Halaschak
June 25, 2024 11:33 am
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Consumer confidence in June dropped as people expressed growing pessimism about the short-term prospects for the economy.
The Conference Board’s consumer confidence index fell to 100.4 in June, down from 101.3 the month before, the group announced on Tuesday. That is another warning signal for President Joe Biden, who has been trying to shore up support for his handling of the economy.
The index that gauges consumers’ assessment of the labor market and business conditions increased from last month, although the headline number was dragged down by the Expectations Index, which is based on consumers’ short-term outlook for income, business, and labor market conditions.
That index fell to 73 in June, down from 74.5 in May. If the index is below 80, it typically signals a recession ahead, according to the Conference Board. It has been in recession warning territory for some five months.
“Confidence pulled back in June but remained within the same narrow range that’s held throughout the past two years, as strength in current labor market views continued to outweigh concerns about the future,” said Dana Peterson, the group’s chief economist. “However, if material weaknesses in the labor market appear, confidence could weaken as the year progresses.”
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https://www.washingtonexaminer.com/policy/finance-and-economy/3057999/consumer-confidence-dips-june-economic-unease/
