RALEIGH – Consumer confidence plummeted in June, after a decline in May, as well, the latest index from The Conference Board found.

The latest data shows that consumer confidence dropped by 4.5 points in June, and now sits at 98.7.

In May, the index was 103.2, falling from April 2022.

The index is now at the lowest point since February 2021.

“Consumer confidence fell for a second consecutive month in June,” said Lynn Franco, Senior Director of Economic Indicators at The Conference Board, in a statement released with the report.

Though the report tracks consumer confidence nationally, an index that tracks leading economic indicators in North Carolina also showed a recent decline in expectations about the future of the state’s economy.

The NCSU Index of North Carolina Leading Economic Indicators showed a drop of 3.4% in the most recent report, released last week.  For the NSCU index, that is the largest reduction in more than a year.

“While the forecast will need to be confirmed with future Index readings, the May reduction clearly sends a message of a slower growing North Carolina economy in upcoming months,” the report reads.

Economic forecast shows NC economy experiencing a pullback, including in job market

Consumer expectations plummet to 9-year low

Along with the consumer confidence figures, The Conference Board also noted that two other indices have fallen as well.  The index that assesses how consumers are viewing the current business climate and existing labor market conditions also declined, marginally.

But the “Expectations Index,” which tracks the short-term outlook of consumers on income, business, and job market conditions, saw a sharp decrease from 73.7 to 66.4.

That puts consumer expectations at the lowest level since March 2013, according to The Conference Board.

“While the Present Situation Index was relatively unchanged, the Expectations Index continued its recent downward trajectory—falling to its lowest point in nearly a decade,” said Franco.  “Consumers’ grimmer outlook was driven by increasing concerns about inflation, in particular rising gas and food prices.”

Along with consumer confidence figures, the expectations that consumers have moving forward may now suggest weaker growth and the growing risk of recession, Franco noted.

Surveys were taken through June 22, 2022, according to the statement.  The findings from The Conference Board may also be consistent with the recent findings from the University of Michigan, which also found that Americans are now feeling worse about the state of the U.S. economy.

Report: Consumers are feeling even worse about the US economy – thanks to inflation