US consumer confidence dips, with just 12.5% expecting better business conditions over next 6 months.

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US consumer confidence eased this month due to a more muted outlook for business conditions, the job market, and incomes. The Conference Board’s gauge of sentiment decreased to 100.4 from a downwardly revised 101.3 reading in May . Specifically, expectations for the next six months fell nearly 2 points to 73, while present conditions increased from a downwardly revised May reading.

Interestingly, only 12.5% of consumers expect business conditions to improve in the next six months, which is the smallest share since 2011. This cautious sentiment reflects various factors, including a higher cost of living, elevated borrowing costs, and recent softening in the labor market.

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