Report: Consumer Confidence Slides in June
Consumer confidence in the U.S. unexpectedly fell in June to a three-month low, adding to signs of a more restrained rebound in the second-quarter economy.
Bloomberg reported that the Thomson Reuters/University of Michigan preliminary index of sentiment decreased to 81.2 from 81.9 in May. The median projection in a Bloomberg survey of 67 economists called for a June reading of 83.
Elevated fuel prices and limited wage gains are weighing on Americans’ moods and squeezing their pocketbooks even as employers add workers and cut back on firings. Figures yesterday showed retails sales cooled in May following an impressive three-month run, tempering the outlook for household spending, which accounts for about 70% of the economy.
“The consumer-sentiment picture really hasn’t changed very much over the past year,” said David Sloan, senior economist at 4Cast Inc. in New York. “It’s consistent with the picture that the economy is growing but not very fast.”
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