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Consumer expectations fall to 9-year low
Consumer expectations fall to 9-year low as inflation weighs on Americans, Yahoo Finance, 6/28/22
The Conference Board's consumer confidence index for June fell to 98.7 from 103.2 in May, below expectations for a reading of 100.
The report's expectations index, which is based on consumers' short-term outlook for income growth, the job market, and overall business conditions, fell to 66.4, its lowest reading since March 2013.
Consumers' grimmer outlook was driven by increasing concerns about inflation, in particular rising gas and food prices," said ynn Franco, senior director of economic indicators at The Conference Board. "Expectations have now fallen well below a reading of 80, suggesting weaker growth in the second half of 2022 as well as growing risk of recession by year-end."
The Conference Board's report follows consumer sentiment data from the University of Michigan released last week that fell to a record low of 50.2.
More: https://finance.yahoo.com/news/consumer-confidence-conference-board-june-2022-143536146.html
The Conference Board's consumer confidence index for June fell to 98.7 from 103.2 in May, below expectations for a reading of 100.
The report's expectations index, which is based on consumers' short-term outlook for income growth, the job market, and overall business conditions, fell to 66.4, its lowest reading since March 2013.
Consumers' grimmer outlook was driven by increasing concerns about inflation, in particular rising gas and food prices," said ynn Franco, senior director of economic indicators at The Conference Board. "Expectations have now fallen well below a reading of 80, suggesting weaker growth in the second half of 2022 as well as growing risk of recession by year-end."
The Conference Board's report follows consumer sentiment data from the University of Michigan released last week that fell to a record low of 50.2.
More: https://finance.yahoo.com/news/consumer-confidence-conference-board-june-2022-143536146.html
At this moment, 1:44 PM ET, the S&P 500 is down 1.44%. It opened up about +1.0%
It's reversal is being blamed on this report.
https://finance.yahoo.com/news/stock-market-news-lives-updates-june-28-2022-114448455.html
