RAPAPORT... U.S. consumer confidence in June was at 62 points (1985=100), according to The Conference Board, up from 58.5 points one year ago. The consumer Expectations Index was flat year on year at 72.3 points and the Present Situation Index rose to 46.6 points from 37.6 points in June 2011.
Even though consumer confidence was slightly more positive from one year ago, it was weaker than the readings from May. Lynn Franco, the director of economic indicators at The Conference Board, said, "Consumer confidence declined in June, the fourth consecutive moderate decline. Consumers were somewhat more positive about current conditions, but slightly more pessimistic about the short term outlook. Income expectations, which had improved last month, declined in June. If this trend continues, spending may be restrained in the short-term. The improvement in the Present Situation Index, coupled with a moderate softening in consumer expectations, suggests there will be little change in the pace of economic activity in the near-term."
Those claiming that business conditions were "good" in June stood at only 14.9 percent, while those saying business conditions were "bad" stood at 35.1 percent. The number of consumers who felt that jobs were "hard to get" was 41.5 percent, while those claiming jobs were "plentiful" was only 7.8 percent.