Consumer confidence lost more than expected in June as the United States imposed statistic restrictions on household and quarantine, raising hopes for an economic recovery, according to data released Tuesday.
Economists surveyed by Dow Jones had expected consumer confidence to rise to 91 from a May reading of 85.9.
Franco noted, however, that “the specific Current Situation Index that economic conditions remain weak.” Looking ahead, consumers are less pessimistic about the near-term outlook, but do not anticipate a significant recovery in economic activity. ”
The board’s current situation index lost to 86.2 from 68.4, while the short-term outlook among consumers also improved.
States across the country have stepped up efforts to reopen the United States economy and facilitate some necessary steps to curb the coronavirus pandemic. This not only lost confidence among consumers, but also blew up stock prices. However, some states have had to reverse their reactions as coronavirus cases increased once again.