United States: Consumer sentiment falls to lowest level in seven months
June 28, 2011
Consumer sentiment continues to falter amid weak labour market conditions. In June, the Conference Board consumer confidence index dropped to 58.5 points from a revised 61.7 in May (previously reported: 60.8 points). The print undershot market expectations that had the index at 62.0 points and represents the lowest level in seven months. According to the Conference Board, the monthly drop ?was driven by a less favorable assessment of current conditions and continued pessimism about the short-term outlook. Consumers rated both current business and labor market conditions less favorably than in May, and fewer consumers than last month foresee conditions improving over the next six months. Inflation fears eased considerably in June, but concerns about income prospects increased.?