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U.S. consumer confidence index tumbles in June

Economic Indicators Jun 28, 2022 10:26AM ET
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© Reuters. FILE PHOTO: People shop in a supermarket as inflation affected consumer prices in Manhattan, New York City, U.S., June 10, 2022. REUTERS/Andrew Kelly/File Photo

WASHINGTON (Reuters) - U.S. consumer confidence fell sharply in June as worries about high inflation left consumers anticipating economic growth would weaken significantly in the second half of the year.

The Conference Board said on Tuesday its consumer confidence index dropped 4.5 points to a reading of 98.7 this month.

The present situation index, based on consumers' assessment of current business and labor market conditions, slipped to 147.1 from 147.4 last month. The expectations index, based on consumers' short-term outlook for income, business, and labor market conditions, tumbled to 66.4 - the lowest level since March 2013 - from 73.7 in May.  "Expectations have now fallen well below a reading of 80, suggesting weaker growth in the second half of 2022 as well as growing risk of recession by year end," said Lynn Franco, senior director of economic indicators at The Conference Board in Washington.

U.S. consumer confidence index tumbles in June
 

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Comments (3)
wireless beam
wireless beam Jun 28, 2022 11:01AM ET
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recession is few hours from now... watch GDP...
rony cheng
rony cheng Jun 28, 2022 10:37AM ET
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we should have fed confidence index too
john smith
john smith Jun 28, 2022 10:29AM ET
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This isn't a surprise. Wait until the GDP numbers come out, it's like watching a train wreck in slow motion.
 
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