Economy: Consumer Confidence Index (CCI) for June 2018

The Consumer Confidence Index® (CCI) for this month (June 2018) was released by The Conference Board® this morning:

Predicted: 128.1
Actual: 126.4

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Previous Month (revised): 128.8.

Change from Previous Month: -1.863% (-2.4 points)

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The "predicted" figure is what economists were expecting, while the "actual" is the true or real figure.

From Today's Report:

"...'Consumer confidence declined in June after improving in May,' said Lynn Franco, Director of Economic Indicators at The Conference Board. '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.'

Consumers’ appraisal of current conditions was relatively unchanged in June. The percentage stating business conditions are 'good' decreased from 38.6 percent to 36.0 percent, while those saying business conditions are 'bad' also decreased, from 12.6 percent to 11.7 percent. Consumers’ assessment of the labor market was also mixed. The percentage of consumers claiming jobs are 'plentiful' decreased from 42.1 percent to 40.0 percent, but those claiming jobs are 'hard to get' also decreased, from 15.6 percent to 14.9 percent.

Consumers’ optimism about the short-term outlook eased in June. The percentage of consumers anticipating business conditions will improve over the next six months decreased from 23.3 percent to 21.4 percent, while those expecting business conditions will worsen rose from 7.8 percent to 9.8 percent. Consumers’ outlook for the labor market, however, was slightly more favorable. The proportion expecting more jobs in the months ahead increased marginally, from 19.7 percent to 20.0 percent, while those anticipating fewer jobs decreased, from 13.1 percent to 12.6 percent. Regarding their short-term income prospects, the percentage of consumers expecting an improvement declined, from 21.4 percent to 18.8 percent, while the proportion expecting a decrease rose from 8.0 percent to 8.7 percent..."

Every month, The Conference Board sends a questionnaire to 5,000 U.S. households. Survey participants are polled about their feelings regarding the U.S. economy, current and future, and about their own fiscal circumstances. On average, 3,500 participants complete and return the 5-question survey.

The baseline "100" score for the CCI is associated with 1985 survey data.

When consumers feel good about the economy, they tend to do more spending, and vice versa.

Based in New York City, The Conference Board is a private, not-for-profit organization with a mission to, "create and disseminate knowledge about management and the marketplace to help businesses strengthen their performance and better serve society."

The CCI is usually released on the last Tuesday of the month.