Ahead of the Bell: US consumer confidence
WASHINGTON (AP) — The Conference Board releases a report on consumer confidence in June at 10 a.m. Eastern time Tuesday.
BOUNCEBACK: Economists predict the business group’s consumer confidence index to rebound to 93.2 this month after slipping for the second straight month in May to 92.6, according to a survey by the data firm FactSet. The index stood at 99.8 a year ago.
The May reading was the lowest since November. Consumers were cautious about the outlook for business and the job market.
FUTURE WORRIES: Another measure of consumer spirits — the University of Michigan’s consumer sentiment index — dropped this month. The Michigan survey, released on Friday, found that consumers felt better about current economic conditions but were more worried about the future.
Economists monitor the surveys closely because consumer spending accounts for about 70 percent of U.S. economic activity.
The Commerce Department reported last month that consumer spending surged in April by the largest amount in six years as Americans bought cars and other durable goods.