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US consumer confidence ebbs slightly in June

By Thomson Reuters Jun 25, 2024 | 9:19 AM

WASHINGTON (Reuters) – U.S. consumer confidence eased slightly in June amid worries about the economic outlook, but households were upbeat about the labor market and their inflation expectations over the next year improved a bit, a survey showed on Tuesday.

The Conference Board said that its consumer confidence index eased to 100.4 this month from a downwardly revised 101.3 in May. Economists polled by Reuters had forecast the index slipping to 100.0 from the previously reported 102.0.

“Confidence pulled back in June but remained within the same narrow range that’s held throughout the past two years, as strength in current labor market views continued to outweigh concerns about the future,” said Dana Peterson, chief economist at the Conference Board. “However, if material weaknesses in the labor market appear, confidence could weaken as the year progresses.”

Consumers’ 12-month inflation expectations fell to 5.3% from 5.4% in May.

(Reporting by Lucia Mutikani; Editing by Chizu Nomiyama)