The Conference Board’s Consumer Confidence Index tumbled to 121.5 in June, dropping from a downwardly revised reading of 131.3 in May and snapping three consecutive months of improvements.
June’s results missed consensus expectations for a reading of 131.0, according to Bloomberg-compiled data, and marked the lowest level in nearly two years.
Indices tracking consumers’ assessments of current and future business conditions also sharply declined in June, the Conference Board reported. The Present Situations Index fell 8.1 points to 162.6 in June, while the Expectations Index decreased 10.9 points to 94.1.
The Conference Board’s report comes amid mounting friction between the U.S. and some of its major trade partners. These ongoing geopolitical concerns and the uncertainty over their resolution rattled consumers in June.