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Consumer confidence drops in June

The consumer confidence index fell for a fourth straight month in June.

“Consumers were somewhat more positive about current conditions, but slightly more pessimistic about the short-term outlook,” Lynn Franco, director of economic indicators at The Conference Board, said in a statement.

Income expectations, which had improved last month, declined in June. The trend suggests that there will be little change in the pace of near-term economic activity, Franco said.

The index stands at 62, down from 64.4 in May.

The Expectations Index declined to 72.3 from 77.3. The Present Situation Index, however, increased to 46.6 from 44.9 last month.

Consumers' assessment of current conditions improved slightly in June. Those who said business conditions are good increased to 14.9 percent from 13.6 percent; however, those who said business conditions are bad increased to 35.1 percent from 34.7 percent.

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