6/28, 4:04 PM (Source: TeleTrader)
more TeleTrader news

US consumer confidence below estimations in June

The United States consumer confidence went below analyst expectations to land at 98.7 in June, down 4.5 points from May's 103.2, The Conference Board reported on Tuesday.

Furthermore, the Present Situation Index, the consumers' current assessment of business and labor market conditions, inched down to 147.1, while the Expectations Indes, the consumers' short-term economic outlook, fell sharply to 66.4 from 73.7 last month.

"Consumers’ grimmer outlook was driven by increasing concerns about inflation, in particular rising gas and food prices. 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 yearend," The Conference Board senior economist Lynn Franco commented on the report.

Baha Breaking News (BBN) / SP