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- U.S. consumer confidence jumps more than expected in June
U.S. consumer confidence jumps more than expected in June
The Conference
Board announced on Tuesday its U.S. consumer confidence surged 12.2 points to 98.1
in June from 85.9 in May.
Economists had
expected consumer confidence to come in at 91.8.
May’s consumer
confidence reading was revised down from originally estimated 86.6.
The survey
showed that the expectations index increased from 97.6 last month to 106.0 this
month. Meanwhile, the present situation index rose from 68.4 in May to 86.2.
“Consumer
Confidence partially rebounded in June but remains well below pre-pandemic
levels,” noted Lynn Franco, Senior Director of Economic Indicators at The
Conference Board. “The re-opening of the economy and relative improvement in
unemployment claims helped improve consumers’ assessment of current conditions,
but the Present Situation Index suggests that economic conditions remain weak.
Looking ahead, consumers are less pessimistic about the short-term outlook, but
do not foresee a significant pickup in economic activity. Faced with an
uncertain and uneven path to recovery, and a potential COVID-19 resurgence,
it’s too soon to say that consumers have turned the corner and are ready to
begin spending at pre-pandemic levels.”
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