Investing.com - U.S. consumer confidence declined more-than-expected in June, falling for the fourth consecutive month and hitting the lowest level since January, industry data showed on Tuesday.
In a report, the Conference Board, a market research group said its index of consumer confidence fell by 2.4 points to 62.0 in June from a reading of 64.4 in May, whose figure was revised down from 64.9.
Analysts had expected the index to decline by 0.9 points to 63.5 in June.
The Expectations Index declined to 72.3 from 77.3. The Present Situation Index, however, increased to 46.6 from 44.9 last month.
Commenting on the report, director of The Conference Board Consumer Research Center Lynn Franco said, “Consumers were somewhat more positive about current conditions, but slightly more pessimistic about the short-term outlook.”
“The improvement in the Present Situation Index, coupled with a moderate softening in consumer expectations, suggests there will be little change in the pace of economic activity in the near-term," she added.
Following the release of the data, the U.S. dollar remained modestly higher against the euro, with EUR/USD easing down 0.14% to trade at 1.2487.
Meanwhile, U.S. equity markets were higher after the open. The Dow Jones Industrial Average rose 0.1%, the S&P 500 index added 0.3%, while the Nasdaq Composite index gained 0.55%.
In a report, the Conference Board, a market research group said its index of consumer confidence fell by 2.4 points to 62.0 in June from a reading of 64.4 in May, whose figure was revised down from 64.9.
Analysts had expected the index to decline by 0.9 points to 63.5 in June.
The Expectations Index declined to 72.3 from 77.3. The Present Situation Index, however, increased to 46.6 from 44.9 last month.
Commenting on the report, director of The Conference Board Consumer Research Center Lynn Franco said, “Consumers were somewhat more positive about current conditions, but slightly more pessimistic about the short-term outlook.”
“The improvement in the Present Situation Index, coupled with a moderate softening in consumer expectations, suggests there will be little change in the pace of economic activity in the near-term," she added.
Following the release of the data, the U.S. dollar remained modestly higher against the euro, with EUR/USD easing down 0.14% to trade at 1.2487.
Meanwhile, U.S. equity markets were higher after the open. The Dow Jones Industrial Average rose 0.1%, the S&P 500 index added 0.3%, while the Nasdaq Composite index gained 0.55%.