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Tue Jun 26, 2012, 10:10 AM

U.S. consumer confidence still on the wane: June's 62 reading is lowest since January

WASHINGTON (MarketWatch) -- U.S. consumer confidence has declined for a fourth month, with gloomier views in June on future business conditions and income, the Conference Board reported Tuesday. The consumer-confidence index fell to 62 in June -- the lowest level since January -- from a revised 64.4 in May. A prior estimate for May had pegged the level at 64.9. "If this trend continues, spending may be restrained in the short-term," said Lynn Franco, director of economic indicators at the Conference Board, a private research group. Meanwhile, consumers' views on the present situation rose in June. Overall, the data suggest that there may be "little change" in the pace of near-term economic activity, Franco said. Generally when the economy is growing at a good clip, confidence readings are at least 90. Economists polled by MarketWatch had expected confidence to decline to 63 in June, driven by weak jobs data, and ongoing political and economic challenges.


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