Industry News

Consumers more cautious about jobs, economy

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Consumer confidence dropped in June as more Americans grew disappointed with the current state of the economy and the job market, The Conference Board reported today. The Consumer Confidence Index fell to 103.9 this month from 108.5 in May, and the outlook for the next six months could bring further declines. "A perceived softening in present-day business and employment conditions are the major reasons behind this month's pull-back in confidence," Lynn Franco, director of The Conference Board Consumer Research Center, said in a prepared statement. "Looking ahead, consumers remain rather subdued about short-term economic prospects. All in all, the glass remains half empty and half full." The Consumer Confidence Survey, based on a representative sample of 5,000 U.S. households, found that just 27.4 percent of consumers surveyed think present-day business conditions are "good," down from 29 percent in May. Those saying conditions are "bad" increased to 16.4 percent from 14.6 percent. Mor...