NEW YORK – United States consumer confidence fell in June to the lowest level since September 2017 as Americans became less upbeat about the economy and labor market amid trade tensions with China and Mexico.
The Conference Board’s index declined to 121.5, lower than all forecasts in a Bloomberg survey, data from the New York-based group showed Tuesday. A gauge of the present situation decreased to a one-year low of 162.6, while the measure of expectations fell to 94.1.
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Key insights
- The decrease in sentiment adds to a mix of conflicting indicators of the U.S. economy
- The Federal Reserve decided to hold interest rates steady last week while signaling the possibility of a rate cut in July, indicating growing uncertainty about the outlook. Risks related to trade are a continuing theme
- The report follows an upbeat consumer comfort index last week, which reflected that Americans have a strong personal financial outlook
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- The share of respondents who said jobs were currently plentiful eased to 44% in June, a three-month low
- The share of those who said jobs were hard to get climbed to 16.4%, the highest since November 2017
Ryan Haar is a reporter for Bloomberg News.
