Report Says Consumer Confidence Lower
NEW YORK (AP) _ Consumer confidence in the economy fell more than expected in mid-June, according to a Friday report from the University of Michigan.
The consumer-sentiment index fell to 87.2 in mid-June, from 92.1 at the end of May, said market sources with access to the report.
The number missed economists’ target for a reading of 93 and was disappointing as many had expected an improvement in consumer confidence now that the war in Iraq is over.
The expectations index was said to have fallen steeply to 84.2 from 91.4 in May, suggesting that a sluggish U.S. economy and stagnating job creation is weighing on consumers.
The current conditions index dropped to 92.0 from 93.2.
The Michigan survey, released only to subscribers, is based on a telephone poll of about 250 respondents and is valued for its quick read on consumer attitudes stands. The Conference Board’s broader consumer confidence index is based on a mail-in survey of 5,000 households, and is more focused on labor-market conditions.
Economists caution that consumer sentiment measures often don’t reflect actual consumer spending. The Commerce Department reported Thursday that sales at retailers nudged up last month by 0.1 percent from April.