June Indices Suggest Growing Risk of Recession by Year-End: Conference Board
Consumer intentions on buying new TV sets declined sharply in June, compared with May, according to preliminary Conference Board data released Tuesday. Analytics company Toluna canvassed 5,000 U.S. homes for the board through June 22, finding 10.2% plan to buy…
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a new TV set in the next six months, down from 11.4% in May, 11.3% in April and 11.6% in June 2021. Consumer confidence fell for the second straight month in June, and the board’s “expectations index” -- a measure of consumers’ short-term outlook for income, business and labor market conditions -- fell to its lowest value in nearly a decade, said the board: “Consumers’ grimmer outlook was driven by increasing concerns about inflation, in particular rising gas and food prices.” The numbers suggest weaker growth in the second half of 2022, plus a “growing risk of recession by year-end,” it said.