Consumer Confidence Drops Again
The struggling economic recovery is looking even shakier.
Independent economic research association the Conference Board announced on Tuesday that its Consumer Confidence Index fell by 2.4 points to 62.0 for the month of June. It was the fourth straight month the index declined.
The index is based upon a monthly survey that measures consumer confidence; it is benchmarked against a 100-point score recorded in 1985.
Lynn Franco, director of economic indicators for the organization, said in the announcement that the numbers reflect respondents' short-term pessimism about the economy. Income expectations also fell, which could lead to a short-term fall in spending, Franco added.
Backing up the weak consumer news was a report on retail sales released by Goldman Sachs and the International Council of Shopping Centers. The weekly same store sales report, also released Tuesday morning, said that although the same-store sales index increased by 2.0% from last week, year-over-year growth had its weakest showing in three months.
The report covers major retail chains and accounts for roughly 10% of total retail sales.