June Consumer Confidence falls sharply

In contrast to the bounce seen in both the ABC and UoM polls, the Conference Board Confidence # for June was a big miss as it fell about 10 pts to 52.9 vs the estimate of 62.5 and is at a 3 mo low. The Present Situation fell 4.3 pts while Expectations dropped by 13.4 pts. Those that said jobs were Plentiful fell by .3 pts while those that said jobs were Hard To Get rose by almost 1 pt but both remain well off their worst readings in ’09. Those that said Business Conditions are Good and those that expect them to get Better fell to the lowest since Feb. Those that plan to buy a car within 6 mo’s fell from 6 to 3.7 to the lowest on record dating back to ’67 and those that plan to buy a home fell to 1.9 from 2.1, just shy of the lowest since ’82. Those that plan to take a vacation fell to less than 1 pt off its lowest level since at least ’78. One yr inflation expectations fell .1% to 5.2%, a touch above the 10 yr avg.

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