CNN —US consumer confidence teetered slightly in June as Americans grew a little more wary about the future, new data released Tuesday showed.
The Conference Board’s latest consumer confidence index dipped to a reading of 100.4 in June from 101.3 in May.
Readings of Americans’ confidence are typically closely watched, as consumer spending accounts for nearly 70% of US economic activity.
Although the two indexes typically track similarly over time, the consumer confidence index is more influenced by employment and labor market conditions, while the Michigan sentiment index has a greater emphasis on household finances and the impact of inflation.
The Michigan index’s preliminary reading for June, released earlier this month, showed sentiment levels were at a seven-month low.
Persons:
Dana Peterson, ”
Organizations:
CNN, Conference Board, University of Michigan’s, Michigan
Locations:
Michigan