US consumer confidence unexpectedly dropped in June, falling from 98.4 in May to 93.0, according to new data from the Conference Board.
Economists had expected the index to tick up to almost 100, suggesting growing unease among Americans over the economy, labor market, and their personal finances, with tariffs being the top concern.
June’s retreat in confidence was shared by consumers across age and income groups, as well as political affiliations, with the biggest decline among Republicans, the survey showed.
“In this kind of environment, it’s not surprising that consumers are hesitant to make big purchases,” one economist said. “This is an ‘abundance of caution economy.’”
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