The Conference Board, a non-partisan, not-for-profit think tank, founded in 1916, released today (6-28-22) their Consumer Confidence Index® (CCI) for June 2022. The CCI decreased further in June, following a slight decline in May, but an upward revision in April’s initial report. The Index now stands at 98.7 (1985=100), down 4.5 points from 103.2 in May. The June CCI now is at its lowest level since February 2021, when the CCI reading was 95.2
The Present Situation Index—based on consumers’ assessment of current business and labor market conditions declined slightly to a reading of 147.1, down from May’s reading of 147.4 While the Expectations Index—based on consumers’ short-term outlook for income, business, and labor market conditions—dropped sharply to a reading of 66.4, down from 73.7 in May. The Expectations Index is now at its lowest level since March of 2013, when it was at 63.7.
In a statement prepared for the release of the CCI for June , Lynn Franco, Senior Director of Economic Indicators, at The Conference Board said, “Consumer confidence fell for a second consecutive month in June. While the Present Situation Index was relatively unchanged, the Expectations Index continued its recent downward trajectory—falling to its lowest point in nearly a decade. Consumers’ grimmer outlook was driven by increasing concerns about inflation, in particular rising gas and food prices. Expectations have now fallen well below a reading of 80, suggesting weaker growth in the second half of 2022 as well as growing risk of recession by yearend.”
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Index Drops to Lowest Level Since February 2021 as Expectations Continue to Decline