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Consumer Confidence Index dips in June

49.3 reading down from 54.8 in May

Larry Thomas -- Furniture Today, June 30, 2009

NEW YORK — After showing significant gains in April and May, the Consumer Confidence Index retreated a bit in June.

The index, which is compiled by The Conference Board and based on a survey of 5,000 U.S households, stood at 49.3 in June (1985=100). That was down from 54.8 in May, but still ahead of the April figure of 40.8.

The index hit is lowest level in decades in February, when it stood at 25.3.

Lynn Franco, director of the Conference Board's consumer research center, said the index "continues to imply that economic conditions, while not as weak as earlier this year, are nonetheless weak."

She added, "Expectations continue to suggest less negative conditions in the months ahead, as opposed to strong growth."

According to the monthly survey, only 8% of consumers described business conditions as "good," down from 8.8% in May. Conversely, 45.6% of those surveyed described business conditions as "bad," up from 44.5% in May.

The Conference Board said consumers' short-term outlook also waned in June. Of those surveyed, only 21.2% said they expected business conditions to improve over the next six months. That was down from 22.5% in May.

In addition, 20.2% of those surveyed said they expected conditions to worsen during the next six months. That's up from 18% in May.

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