U.S. consumer confidence fell to a 21-month low in June, with households more pessimistic about business and labor market conditions amid concerns about a recent escalation in trade tensions between the United States and China.
The economy’s prospects were further dimmed by other data on Tuesday showing that sales of new single-family homes unexpectedly fell for a second straight month in May, suggesting lower mortgage rates had yet to provide a boost to the struggling housing market.
Growing risks to the economy, especially related to the trade war between Washington and Beijing, and low inflation prompted the Federal Reserve last week to signal interest rate cuts beginning as early as July.
The Conference Board said its consumer confidence index dropped 9.8 points to a reading of 121.5 this month, the lowest since September 2017, from a downwardly revised 131.3 in May.
President Trump last month imposed additional tariffs
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