The Conference Board Consumer Confidence Index declined for the second month in a row in June 2011. The Index is now at 58.5 (1985=100), down from 61.7 in May 2011.
The Present Situation Index was down from 39.3 in May to 37.6 in June.
The Expectations Index declined from 76.7 in May to 72.4 in June.
"This month’s decline in consumer confidence was driven by a less favorable assessment of current conditions and continued pessimism about the short-term outlook," said Lynn Franco, director of The Conference Board Consumer Research Center. "Consumers rated both current business and labor market conditions less favorably 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.”
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