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Consumer confidence takes hit on worries about US economic outlook

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Consumer Spending,Consumers,Economy

“Strength in current labor market views continued to outweigh concerns about the future,” said Dana Peterson, the Conference Board’s chief economist.

The mixed survey from the Conference Board on Tuesday also showed consumers’ perceived likelihood of a recession over the next 12 months retreated this month after rising in April and May.

Politics stayed on the radar of consumers, though the share believing the November presidential election would have an impact on the economy was low in comparison to the same period in 2016. It was slightly higher than in June 2020, before the last presidential election. The measure closely correlates to the unemployment rate in the Labor Department’s employment report. Labor-market conditions are gradually easing, with the unemployment rate rising to a still relatively low 4% in May for the first time since January 2022.

 

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