America In Focus: consumers still gloomy about economy; US hiring falls in June
Summary
Consumer confidence in the U.S. economy improved slightly in June but remains low compared to past years. Employers added fewer jobs in June, showing caution, while unemployment claims stayed low and mortgage rates dropped slightly.Key Facts
- Consumer confidence index rose 0.6 points to 91.2 in June but is still lower than last year’s 95.2 and well below pre-pandemic levels over 120.
- Inflation and higher gas prices due to the Iran war have hurt Americans’ incomes and confidence.
- U.S. employers added only 57,000 jobs in June, less than half the number from the previous month.
- The unemployment rate fell to 4.2%, partly because some unemployed people stopped looking for work.
- Weekly new claims for unemployment benefits fell to 215,000, below expectations.
- The average 30-year fixed mortgage rate dropped to 6.43%, the lowest in seven weeks.
- U.S. job openings remained strong at 7.6 million in May, showing a resilient labor market despite economic challenges.
- Higher oil prices from the Iran war have contributed to inflation and higher mortgage rates.
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