According to recent data released by the Conference Board, consumers are becoming less confident in the economy, as fewer jobs are being created and household debt rises.
The board's Consumer Confidence Index recently fell during June, declining to 58.5, down from 61.7 in May. In addition, the board's Expectations Index also decreased, going from 76.7 last month to 72.4 currently.
"This month's decline in consumer confidence was driven by a less favorable assessment of current conditions and continued pessimism about the short-term outlook," said Lynn Franco, director of The Conference Board Consumer Research Center. "Consumers rated both current business and labor market conditions less favorably than in May, and fewer consumers than last month foresee conditions improving over the next six months."
Just 14.3 percent of Americans currently feel business conditions are "good," while those who stated the conditions are "bad" climbed to 38 percent, up from 37.2 in May. Furthermore, those who feel jobs are "hard to get" jumped to 43.8 percent, up 0.3 percent from May.
Consumers discouraged by the current job sector could work to improve their credit scores, as employers often refer to them when deliberating over candidates. Consumers may benefit from regularly checking their credit reports to ensure no inaccurate or unsubstantiated records appear. If they find any false or unverified items, consumers may want to work with a credit repair attorney to dispute them. Doing so may boost a credit score and potentially improve a candidate's standing with a prospective employer.