U.S. consumer confidence rises as gas prices fall, but economic outlook remains gloomy
Summary
U.S. consumer confidence rose slightly in June as gas prices fell, but people still have a mostly negative view of the economy compared to past years. Despite concerns about jobs and inflation, Americans continued to spend money, helping the economy grow.Key Facts
- The consumer confidence index increased by 0.6 points to 91.2 in June.
- This index is lower than last year’s 95.2 and much lower than pre-pandemic levels above 120.
- Gas prices fell to about $3.85 per gallon after rising above $4.50 earlier this year.
- Americans’ view of the job market worsened, with more people saying jobs are hard to get.
- The number of open jobs in May stayed high at 7.6 million.
- Spending by consumers helped keep the economy growing at about 2.5% annual rate in the spring.
- Economists expect the government to report 100,000 new jobs added in June with unemployment steady at 4.3%.
- Falling gas prices may improve how Americans feel about the economy in coming months.
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