Thomson Reuters and the University of Michigan announced the results of their June consumer confidence survey on Friday, finding that this economic metric declined to 82.7 in June. This figure was down from the 84.5 observed in the study in May when it hit a six-year high, according to Bloomberg.
Economists say that continued gains in the employment market and housing sector are helping to keep consumer confidence elevated.
“The stock market peaked in late May, so you may be seeing some of that being reflected in the number,” Michael Feroli, a chief economist at JPMorgan Chase, told the media outlet. “In general, the consumer is in a relatively good position.”
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