Consumer Confidence Takes a Hit in June

US consumer confidence fell to a 16-month low in June, falling for the second straight month. The consumer expectation index, meanwhile, hit its lowest mark in nearly a decade. An onslaught of grim economic news continues to erode Americans’ view of their present and future prospects, The Conference Board reported.

Rising inflation, a key driver of declining confidence, is up a punishing 8.6% overall year on year (YoY), per most recent data. The specific picture on food and gas is even worse. Meat, fish, and eggs are up 14.2%; baked goods, 11.6%; and dairy, 11.8%. Gas has ballooned by an astounding 48.7% over the same period, while producer prices are up 10.8% as of the end of May. It all points to continued pain at the cash register for the foreseeable future.

David Schollaert

David Schollaert is deputy editor-in-chief for Steel Market Update. David joined SMU after more than a decade in the metals and mining industry in a myriad of different roles. Much of his early experience and expertise were within the coverage and analysis of steel-making raw materials and served previously as senior editor of the CRU Prices Service. Most recently, however, before his return to market analysis, David held roles as a metals buyer and an operations manager for raw material suppliers. He can be contacted at david@steelmarketupdate.com or 724-720-1008.

David Schollaert

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