U.S. consumer confidence hits 16-month low on drag from inflation

U.S. consumer confidence dropped in June to the lowest in more than a year as inflation continues to dampen Americans’ economic views.

The Conference Board’s index decreased to 98.7 from a downwardly revised 103.2 reading in May, data Tuesday showed. The median forecast in a Bloomberg survey of economists called for a decline to 100.

A measure of expectations -- which reflects consumers’ six-month outlook -- dropped to the lowest in nearly a decade as Americans grew more downbeat about the outlook for the economy, labor market and incomes. The group’s gauge of current conditions fell slightly.