Consumer confidence slips in June

New York City The Conference Board said Tuesday its monthly index of consumer confidence in the United States fell in June following two months of sharp gains. The Consumer Confidence Index now stands at 49.3, down from its revised May level of 54.8.

The index comprises two parts. The Present Situation Index, which measures how shoppers feel now about the economy, declined to 24.8 from 29.7. The Expectations Index, shoppers' outlook for the next six months, declined to 65.5 from 71.5 in May.

The Consumer Confidence Survey is based on a representative sample of 5,000 U.S. households. The monthly review is conducted for The Conference Board by TNS.

"After back-to-back months of strong gains, Consumer Confidence retreated in June," said Lynn Franco, director of The Conference Board Consumer Research Center. "The decline in the Present Situation Index, caused by a less favorable assessment of business conditions and employment, continues to imply that economic conditions, while not as weak as earlier this year, are nonetheless weak."

Franco said the six-month outlook suggests consumers are "less negative" about the months ahead, rather than anticipating strong growth.