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US records decline in consumer confidence: The Conference Board

29-Jun-2011 9:30 AM

US' Consumer Confidence Index declined (28-Jun-2011) again in Jun-2011, according to The Conference Board. The Index now stands at 58.5 (1985=100), down from 61.7 in May-2011. The Present Situation Index decreased to 37.6 from 39.3. The Expectations Index declined to 72.4 from 76.7 last month. [more]

The Conference Board: “This month’s decline in consumer confidence was driven by a less favourable assessment of current conditions and continued pessimism about the short-term outlook. Consumers rated both current business and labour market conditions less favourably than in May, and fewer consumers than last month foresee conditions improving over the next six months. Inflation fears eased considerably in June, but concerns about income prospects increased. Given the combination of uneasiness about the economic outlook and future earnings, consumers are likely to continue weighing their spending decisions quite carefully," Lynn Franco, Director of Consumer Research Center. Source: Company Statement, 28-Jun-2011.