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US consumer confidence dropped to 98.7 Jun, expectations tumbled to lowest since 2013

US Conference Board Consumer Confidence Index dropped from 103.2 to 98.7 in June, below expectation of 100. That’s also the lowest level since February 2021 (95.2). Present Situation Index dropped slightly from 147.4 to 147.1. But Expectations Index dropped sharply from 73.7 to 66.3, lowest since March 2013.

Lynn Franco, Senior Director of Economic Indicators at The Conference Board: “Consumers’ grimmer outlook was driven by increasing concerns about inflation, in particular rising gas and food prices. Expectations have now fallen well below a reading of 80, suggesting weaker growth in the second half of 2022 as well as growing risk of recession by year-end.”

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