After bouncing up in May, the Accountants Confidence Index dropped right back down in June, with both the short-term and mid-term measurements drooping.

The ACI, published in partnership with ADP, is a monthly economic indicator that leverages the insights of accountants into the strength and prospects of businesses in the U.S. The 3-Month ACI came in at 50.61, down from the previous month's 52.86. The 6-Month ACI, meanwhile, dropped to 53.68, from last month's 55.86.

Our respondents' expectations for their own firms remained fairly study, but they expected lower growth for most index components, with their predictions for grwoth at large-company clients making a particularly steep drop.

The ACI is created from a monthly poll of the Accounting Today Executive Research Council, an online community of more than 1,500 tax and accounting professionals.