After a rating of consumer confidence reached a six-year high in May, expectations were that all of that optimism had no place else to go but down.
True enough, we were four-tenths of a percentage point unhappier this month, but that little slide left economists feeling pretty darned smug about the health of the U.S. economic recovery.
The Thomson Reuters/University of Michigan index of consumer confidence eased to 84.1 this month from 84.5 at the end of May, which was the highest since July 2007. The median forecast in a Bloomberg survey of economists called for a reading of 83 in the gauge after a preliminary reading of 82.7, Bloomberg reported.
"Consumer sentiment seems to be holding up fairly well despite some of the more recent turmoil we've seen in the market," Sean Incremona, a senior economist at 4Cast Inc. in New York, told Bloomberg. "Equity prices are still pretty solid, the housing market's recovering and the job market has looked better over the course of the last several months." Read more.