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Consumer confidence falls in June
June 28, 2011 / 1:49 PM / 6 years ago

Consumer confidence falls in June

NEW YORK (Reuters) - Consumer confidence fell in June to the lowest point since November 2010 on concerns about the slack labor market and sputtering recovery, according to a Conference Board report released on Tuesday.

<p>Shoppers carry purchases at a high-end shopping mall in Tysons Corner, Virginia, November 26, 2010. REUTERS/Jason Reed</p>

The Conference Board, a private-sector industry group, said its index of consumer attitudes fell to 58.5 in June from a revised 61.7 in May.

The median of forecasts from analysts polled by Reuters was for a reading of 60.5. Forecasts ranged from 55 to 66.7.

May was originally reported as 60.8.

The expectations index fell to 72.4, the lowest since October 2010, from a May reading of 76.7, revised up from 75.2.

Consumers’ expectations for inflation in the coming 12 months fell to 6 from 6.5, revised down from 6.6.

The present situation index fell to 37.6, from 39.3.

Consumers’ assessment of the labor market became more pessimistic. The “jobs hard to get” index rose to 43.8 percent from 43.5 percent, revised down from 43.9 percent the month before, while the “jobs plentiful” index fell to 5.2 percent from 5.7 percent, revised from 5.6 percent.

Reporting by Alexandra Alper; Editing by Jan Paschal

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