Source: Economics Group of Wells Fargo Bank, N.A. Summary
Summary
Today’s report on consumer confidence is a mixed—but mostly negative—assessment of the mindset of consumers. The 5.4 point decline comes amid renewed concern regarding the labor market and income prospects and about the economy in general. Inflation expectations edged slightly lower.Second Lowest Reading in Three Years, but Well-Above April Low
After cratering in the wake of the Liberation Day tariff announcements in April, consumer confidence had retraced some lost ground in May and was expected to edge a bit higher in June (chart). Instead, confidence fell back 5.4 points to register a reading that is the second lowest of the past four years. The deterioration was not concentrated in one group or key demographic.