U.S. consumer confidence for June came in way below expectations as Americans continue to worry about tariffs and inflation. The Conference Board’s consumer confidence index tallied in at 93.0, well below the estimate for 99.8 and falling from 98.4 in May.
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“Tariffs remained on top of consumers’ minds and were frequently associated with concerns about their negative impacts on the economy and prices,” said TCB Senior Economist, Global Indicators Stephanie Guichard.
Inflation Expectations Improving Despite Lower Confidence
Inflation also remains a concern for Americans, although their average 12-month inflation expectation fell to 6.0% compared to 6.4% in May and 7.0% in April. At the same time, opinions of both business conditions and the labor market took a tumble. 15.3% of surveyed participants said business conditions were “bad” compared to 13.7% last month while 29.2%, down from 31.1%, of respondents said that jobs were “plentiful.”
The stock market has largely ignored the worse-than-expected consumer confidence report with the S&P 500 (SPX) surging by 0.84% today on news of the Israel-Iran ceasefire.
