What has suddenly happened to American confidence? The Conference Board’s Consumer Confidence Index tumbled to 121.5 in June, dropping from 131.3 in May. This is the lowest consumer confidence has been since September 2017.
The June reading snapped a string of three consecutive months of improvements. That 9.8 point decline is tied with last December for the largest monthly decline since August 2011.
The sudden drop also surprised the experts. June’s results missed consensus expectations for a reading of 131.0, according to Bloomberg-compiled data. The magnitude of that miss relative to expectations was the largest Bloomberg has recorded since June 2010.
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