After months of strong gains, the Conference Board Consumer Confidence Index waned in June.
The Index now stands at 49.3, down from 54.8 in May. The Present Situation Index decreased to 24.8 from 29.7. The Expectations Index declined to 65.5 from 71.5 in May.
While the outlook remains weak, this is not to suggest things will get significantly worse or better, says Lynn Franco, director of The Conference Board Consumer Research Center. “The decline in the Present Situation Index, caused by a less favorable assessment of business conditions and employment, continues to imply that economic conditions, while not as weak as earlier this year, are nonetheless weak. Looking ahead, Expectations continue to suggest less negative conditions in the months ahead, as opposed to strong growth,” Franco said.