Consumer confidence declines sharply in June

Last week, a separate report — the Thomson Reuters/University of Michigan index — showed a contrary result, with a rise in confidence to 76 in June from 73.6 in May.

Consumers' view of present conditions also decreased in June to 25.5 from 29.8 last month. The gauge of expectations for the next six months dropped to 71.2 from 84.6. Both gauges were the lowest in three months, according to the conference board. 

Consumers’ assessment of the labor market was less favorable. Those saying jobs are “hard to get” increased to 44.8 percent from 43.9 percent, while those saying jobs are “plentiful” decreased to 4.3 percent from 4.6 percent.