The Conference Board‘s Consumer Confidence Index for June was 49.3, down from its revised May level of 54.8. Because consumer confidence is a coincident indicator that follows the stock market, Swamp Report did not read much into the previous recent rises and does not now read much into this fall.  However, the pessimism regarding jobs was particularly gloomy:

Those anticipating more jobs in the months ahead decreased to 17.4 percent from 19.3 percent, while those anticipating fewer jobs increased to 27.3 percent from 25.6 percent. The proportion of consumers expecting an increase in their incomes declined to 9.8 percent from 10.8 percent.

Bloomberg’s “confidence index that measures respondents appraisal of current business conditions and current employment conditions also fell and as Zero Hedge points out, is diverging from the current stock market euphoria.