Consumer confidence south of the border fell, well, south of economists' expectations in June, fueled by a bleak outlook for U.S. economic conditions.
Figures released Tuesday by the U.S. Conference Board showed its index dropped to 126.4 from a revised 128.8 in May. Polls of economists showed the index was expected to hit 128.1
American sentiment was generally mixed about current conditions; however, positive feelings for future business conditions and income prospects decreased.
Sentiment toward labour markets was unchanged with unemployment at an 18-year low of 3.8%.
Consumer confidence is significant in that the figure measures American's sentiment on current economic conditions and expectations for the next six months, including business and labour market conditions. Since consumer spending accounts for about 70% of U.S. economic activity, economists' pay close attention to the survey.
