Consumer Confidence: Sharply Lower

Bottom Line:  The Conference Board's Consumer Confidence Index fell sharply in June, coming in below expectations with negative revisions to previously reported data. This survey had been showing better consumer attitudes than the University of Michigan survey, but now it is declining to suggest nearly as much concern among consumers. The expectations index fell to nearly its lowest level in a decade. Consumers' intentions to buy cars, homes, and major appliances held steady at already depressed levels, but in the last month consumers also reduced their plans for vacation travel amid high energy prices. Overall, while the aggregate U.S. consumer remains resilient with fortified balance sheets thanks to the pandemic stimulus, consumers' willingness to spend on non-essential items has declined since food and energy prices accelerated higher earlier this year.