The consumer confidence index dropped to 52.9 in June, below economists' expectations and the first decline in four months, the Conference Board reported today.
Economists expected consumer confidence would be 63.0, according to the median estimate from Thomson Reuters. The index for May was revised downward to 62.7 from 63.3 reported last month. The gauge has a baseline of 100, which reflects readings in 1985.
"Until the pace of job growth picks up, consumer confidence is not likely to pick up," said Lynn Franco, director of The Conference Board's Consumer Research Center.
The present situation index fell to 25.5 from a revised 29.8 in May. The expectations index fell to 71.2 from 84.6 in May, revised down from 85.3.
Respondents who said jobs were hard to get increased to 44.8% in June from 43.9% in May, revised higher from 43.6% originally reported. Those who said jobs were plentiful fell to 4.3% in June from 4.6%.
