Consumers Say Expectations Improved

Consumer confidence was steady in June, off only 0.1 from May to 83.5, according to The Conference Board.

For the second month, consumers reported that the present economic situation worsened slightly while their expectations for conditions six months ahead improved.
This matches other recent economic data, said Jim Haughey, senior economist for Newport Communications. "All of the usual leading indicators are improving including credit costs, building permits, and manufacturing orders, while the number of unemployed continues to grow."
Confidence improved strongly in the South Atlantic states and slightly in the Great Lakes and Mountain states but declined elsewhere, especially in New England where state and local government budget cuts have dominated the recent news, Haughey said.
Currently, expectations for improvement in six months are very low in the Middle Atlantic states and subpar in the Midwest and upper South. Consumers are the most concerned with poor current economic conditions in the Northeast and Great Lakes, while consumers in the South Atlantic states assess current conditions as near normal.