finance
U.S. Consumer Confidence Index Edges Up but Remains Well Below Year-Ago and Pre-Pandemic Levels
The Conference Board reported a modest increase in its consumer confidence measure. Gas prices fell to $3.85 per gallon after earlier spikes tied to the U.S.-Iran conflict.
Jun 30, 3:11 PM·1m read1 source
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The Conference Board consumer confidence index rose 0.6 point to 91.2 in June, pbs.org reported. The reading remained below the 95.2 level recorded one year earlier and well under the pre-pandemic norm that regularly exceeded 120. -Iran conflict on Feb.
28. Nationwide averages fell to $3.85 per gallon by late June, the first time prices dropped below $4 since March, though they stayed 25 percent higher than a year earlier, according to AAA data cited by pbs.org. Dana Peterson, the Conference Board's chief economist, said falling oil prices eased some inflation concerns.
"Consumer appraisals of current business conditions were slightly more positive compared to last month," Peterson stated. " The share of respondents who said jobs are hard to get increased to 22.5 percent from 19.8 percent the prior month. Separate government data showed 7.6 million open positions in May.
Consumers increased spending in May even with higher fuel costs, pbs.org reported. Economists surveyed by FactSet expect the June employment report, due Thursday, to show 100,000 jobs added and the unemployment rate holding at 4.3 percent.
