Consumer Concerns Grow with Recession Talk

The Conference Board measure of consumer confidence fell more than expected in June to 98.7 from a downwardly revised 103.2 (consensus 100). The forward-looking expectations component bore the brunt, dropping from 73.7 to 66.4, taking this series to the lowest level since 2013. Respondents are becoming more pessimistic on business conditions, employment and their own income outlook. The current conditions series was little changed (147.1 versus 147.4 previously), presumably supported by the current strength of the jobs market and the positive support from wage gains.