Consumer confidence drops in June

Posted on 29 June 2010

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The Conference Board Consumer Confidence Index, which had been on the rise for three consecutive months, declined sharply in June.

The index now stands at 52.9, down from 62.7 in May. The Present Situation Index decreased to 25.5 from 29.8. The Expectations Index declined to 71.2 from 84.6 last month.

"Consumer confidence, which had posted three consecutive monthly gains and appeared to be gaining some traction, retreated sharply in June. Increasing uncertainty and apprehension about the future state of the economy and labor market, no doubt a result of the recent slowdown in job growth, are the primary reasons for the sharp reversal in confidence," said Lynn Franco, director of The Conference Board Consumer Research Center, in a statement.

"Until the pace of job growth picks up, consumer confidence is not likely to pick up," Franco added.

Click here for the full release.

Comments

2 Tuesday, 29 June 2010 15:31

To paraphrase James Carville: "it's the economy stupid".   Unless our "leader" is a king or a dictator there's nothing anyone else can do about a World Economy collapsing. Similar to a overweight out of shape person appearing at the gym one day and expecting overnight results just because they finally woke up an looked in the mirror to see what everyone else has long viewed...it took time to get into that poor condition and it usually takes equal time to get back into good condition.  Today's a better time to start than tomorrow, but the longer one waits the longer it's going to take to garner results.

OR in the words of Kenny Rogers.."know when to hold them-know when to fold them" There's a good reason why smart dealers shut their doors to stop the "bleeding" versus just bleeding to death waiting for a band-aid to walk into the showroom.

1 Tuesday, 29 June 2010 14:58

If we had a leader who could actually solve a problem!! without appointing a group to do it and take 60days to figure out NOTHING... I believe our consumer confidence would grow... with talk of cap/trade; no drilling because of one terrible oil spill; no leadership when we have ships that can help clean up ; and won't let locals interact to clean up and spend spend spend money we don't have  is big part of consumer confidence...Bill

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