Consumer confidence drops in June
The Conference Board, a nonprofit think tank, reported a 5.4 decline in consumer confidence in June, dropping the Consumer Confidence Index to 93. Readings above 100 indicate positivity.
When it comes to present views on business and labor market conditions, the survey response reflected a 6.4-point decline to 129.1. Expectations in markets dropped 4.6 points to 69. The Conference Board considers a reading below 80 a sign of “a recession ahead.”
Survey respondents pointed to inflation, high prices and tariffs as reasons for their pessimism. Most said they believed interest rates would rise, the highest share since October 2023.
While purchasing plans for cars remained high, fewer respondents reported the same for homes.
Most respondents were neutral or positive about current business conditions, but 15.3% said they were bad, an increase from 13.7% in May.
USDA rescinds rule that limits activity on federal forest land
The U.S. Department of Agriculture will end a 24-year-old rule that protected 59 million acres of federal forest, permitting road construction, reconstruction and timber harvesting.
On Monday, Secretary of Agriculture Brooke L. Rollins announced the rescission of the 2001 Roadless Rule that restricted any harmful activity on millions of acres in the National Forest System. Rollins said the rule was “outdated,” “contradicts the will of Congress,” and goes against the Forest Service’s role to sustain the health, diversity, and productivity of the country’s forests.
The 59 million acres account for 30% of National Forest System land. Rollins said she wants to rescind the mandate because of its negative impact on economic development “across rural America.”
The move is part of Trump’s Jan. 31 executive order to ease regulations to promote financial management.