US consumer confidence drops as concerns about economy persist

US consumer confidence declined in June, underscoring Americans' concerns about the impact of tariffs on the country's economy and labor market, Bloomberg reports.

The Conference Board’s gauge dipped 5.4 points to 93. The result came below all estimates of economists polled by the news agency. The measure of consumer expectations for the next six months slumped 4.6 points. The share of Americans projecting an improvement in business conditions dropped the most in about two years. Assessments of current labor market situation fell 6.4 points to 129.1. 

The share of respondents who noted plentiful jobs was 29.2%, a record low in over four years. Meanwhile, the number of consumers experiencing difficulties in finding employment decreased slightly. 

Fewer respondents expected their income to rise in the next six months. While the number of Americans planning to buy a car remained unchanged, fewer said they would buy a home.

The share of consumers who expect a hike in interest rates next year rose to 57%, the highest since October 2023, the Conference Board says.