Although some data show that the economy is picking up, consumers are still wary.
The Consumer Confidence Index was 49.3 in June, down from 54.8 in May, according to data released today by The Conference Board.
The New York City-based research organization's survey of 5,000 families also indicated that the Present Situation Index, which measures consumer assessment on current conditions, is 24.8 compared with 29.7 in May.
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The Expectations Index is 65.5, compared to 71.5 in May.
"After back-to-back months of strong gains, Consumer Confidence retreated in June. The decline in the Present Situation Index, caused by a less favorable assessment of business conditions and employment, continues to imply that economic conditions, while not as weak as earlier this year, are nonetheless weak. Looking ahead, Expectations continue to suggest less negative conditions in the months ahead, as opposed to strong growth," Lynn Franco, director of The Conference Board's Consumer Research Center said.
Consumers describing business conditions as "good" decreased to 8.0%, compared with 8.8% in May, while those saying conditions are "bad" increased to 45.6%, compared with 44.5% last month. Respondents stating that jobs are "hard to get" increased to 44.8% from May's level of 43.9%; those saying jobs are "plentiful" decreased to 4.5%, from 5.8% in May.
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