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Financial News: US Consumer Confidence Dips On Weaker Economic Expectation

US Consumer Confidence Dips On Weaker Economic Expectations

06/25/2024 - 10:53:00 (RTTNews)

(RTTNews) - Consumer confidence in the U.S. eased slightly in June as households' economic expectations eroded, survey data from the Conference Board showed Tuesday. The Conference Board Consumer Confidence Index fell to 100.4 from 101.3 in May. Economists had expected a reading of 100.

The Expectations Index, which mirrors consumers' short-term outlook for income, business, and labor market conditions, slid to 73.0 from 74.9 in May.

The expectations measure has been below 80, which is the threshold that usually signals a recession ahead, for five consecutive months.

The Present Situation Index of the survey, which is based on consumers' view of the current business and labor market conditions, rose to 141.5 from 140.8 in the previous month.

"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," Dana Peterson, chief economist at The Conference Board, said. "However, if material weaknesses in the labor market appear, Confidence could weaken as the year progresses." That said, consumers were a bit less pessimistic about future labor market conditions for the second month in a row.

The Conference Board survey also showed that consumers were less concerned about a forthcoming recession, in June. "However, consumers' assessment of their Family's Financial Situation-¬¬both currently and over the next six months-was less positive," Petersen said.

Households' average 12-month inflation expectations fell slightly from 5.4 percent to 5.3 percent. Economic expectations were continued to be impacted by consumers' view on elevated prices, especially for food and groceries. Concerns about the labor market and US political situation also had an impact.

The share of respondents believing the 2024 election would impact the economy was low in comparison to write-in responses in June of 2016 and slightly higher than in 2020, the think tank added.

Consumers' view on the stock market was with nearly a half expecting stock prices to rise over the year ahead.

The share of consumers expecting higher interest rates over the next twelve months dropped to 52.6 percent, its lowest level since February.

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