Consumer confidence ticks up as gas prices fall but Americans remain gloomy about the economy
Summary
Consumer confidence in the U.S. rose slightly in June as gas prices fell, but overall feelings about the economy remain low compared to past years. Despite this, Americans have continued to spend money, helping the economy grow even while inflation stayed high.Key Facts
- The consumer confidence index increased by 0.6 points to 91.2 in June.
- This index is still lower than last year’s reading of 95.2 and well below pre-pandemic levels above 120.
- Gas prices dropped from over $4.50 to about $3.85 a gallon since early February after rising due to the U.S.-Iran conflict.
- Americans feel less positive about job availability, with more saying jobs are hard to get (22.5% in June vs. 19.8% in May).
- Despite worries, the labor market remains strong with 7.6 million open jobs reported in May.
- The government is expected to report that about 100,000 jobs were added in June, keeping the unemployment rate steady at 4.3%.
- Consumer spending increased in May, supporting an estimated 2.5% annual economic growth for the April-June quarter.
- The change in consumer confidence reflects a slow recovery from economic challenges caused by war-driven inflation.
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