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Consumer confidence drops in June

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.

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