Consumer confidence fell well below economists’ expectations in June, fueled by a bleak outlook for U.S. economic conditions.
This story Gillian Brassil originally appeared on CNBC.com.
The Confidence Board’s index dropped to 126.4 from a revised 128.8 in May. The index was expected to hit 128.1, according to a survey of Reuters’ economists.
American sentiment was generally mixed about current conditions; however, positive feelings for future business conditions and income prospects decreased.
Sentiment toward labor markets was unchanged with unemployment at an 18-year low of 3.8 percent.
Consumer confidence measures American’s sentiment on current economic conditions and expectations for the next six months, including business and labor market conditions. Since consumer spending accounts for about 70 percent of U.S. economic activity, economists’ pay close attention to the survey.