US consumer confidence has taken an unexpected turn for the worse, according to a closely watched survey.
The University of Michigan’s index of consumer sentiment took analysts by surprise by dropping from 92.1 in May to 87.2 this month. Of particular concern is the steep fall in the future expectations component of the index, down from 91.4 to 84.2. This was blamed on concerns over the employment market.
“There had been whispers that the number might be disappointing,” commented Bank of Tokyo-Mitsubishi economist Chris Rupkey. “But this is more than disappointing, we’re back to square one.”
Data sourced from: BBC Online Business News (UK); additional content by WARC staff