US consumer confidence weakens, misses expectations in June
US consumer confidence
diminished in June, according to survey data released by a research group Tuesday, missing expectations as worries about President
Donald Trump
's tariffs and the possibility of higher inflation persisted.
The
Conference Board
's consumer confidence index dropped by 5.4 points this month to 93.0, from 98.4 in May.
"Consumer confidence weakened in June, erasing almost half of May's sharp gains," said Stephanie Guichard, a senior economist at The Conference Board.
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She added that the decline was "broad-based," with consumers' assessments of current conditions and expectations of the future both contributing to the deterioration.
A consensus forecast of analysts by Briefing.com had instead predicted an uptick to 99.0 points.
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Consumers' views of current
job availability
worsened for a sixth straight month, while they also appeared more gloomy about business conditions and jobs over the next six months, Guichard said.
But the main issues affecting their views of the economy remained little changed from the prior month.
Trump's sweeping tariffs are still at the forefront for consumers, and "were frequently associated with concerns about their negative impacts on the economy and prices," Guichard said.
Inflation and high costs were another key worry, the report said.
While consumers were eyeing geopolitics and social unrest, with more references to these factors in June than earlier months, these remained lower on the list of issues impacting assessments.
"June's retreat in confidence was shared by all age groups and almost all income groups," said The Conference Board.
"It was also shared across all political affiliations, with the largest decline among Republicans," the report added.
In June, purchasing plans for homes dipped and more consumers were uncertain about plans to buy
big-ticket items
overall.
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