US consumer confidence little changed in June thanks to jobs market

Americans’ confidence in the economy was little changed in June thanks to robust jobs markets, the results of a survey found.

The Conference Board‘s consumer confidence index drifted lower from 101.3 in May to 100.4 for June.

“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 M. Peterson, chief economist at The Conference Board.

“However, if material weaknesses in the labor market appear, Confidence could weaken as the year progresses.”

The Present Situation Index actually improved from 140.8 to 141.5, but was more than offset by a decline in the Expectations Index from 74.9 for May to 73.0 in June.

“The decline in confidence between May and June was centered on consumers aged 35-54. By contrast, those under 35 and those 55 and older saw confidence improve this month.

“No clear pattern emerged in terms of income groups. On a six-month moving average basis, confidence continued to be highest among the youngest (under 35) and wealthiest (making over $100K) consumers.”

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