Investing.com - Confidence among U.S consumers fell in June, according to data released on Tuesday.
The Conference Board's index of consumer confidence decreased to 126.4 this month, compared to a reading of 127.6 forecast by economists.
May’s reading was revised up to 128.8 from the initial 128.0.
The Present Situation Index was relatively flat, 161.1 versus 161.2 last month, while the Expectations Index declined from 107.2 last month to 103.2 this month.
The index looks at U.S. consumer’s views of current economic conditions and their expectations for the next six months. The index is closely watched by economists because consumer spending accounts for about 70% of U.S. economic activity.
The cutoff date for the preliminary results was June 15.
Despite the decline, Lynn Franco, director of Economic Indicators at The Conference Board, said that consumers’ assessment of present-day conditions was relatively unchanged, suggesting that the level of economic growth remains strong.
“While expectations remain high by historical standards, the modest curtailment in optimism suggests that consumers do not foresee the economy gaining much momentum in the months ahead,” she added.