WASHINGTON, DC: US consumer confidence grew more than expected in June, strengthening views that the economic downturn was likely over, though ...
WASHINGTON, DC: US consumer confidence grew more than expected in June, strengthening views that the economic downturn was likely over, though rising COVID-19 infections threatened to derail the budding recovery.
The Conference Board said on Tuesday its consumer confidence index rose to a reading of 98.1 this month from a downwardly revised 85.9 in May. Still, confidence remains 34.5 points below its pre-pandemic level. Economists polled by Reuters had forecast the index would rise to 91.8 in June.
"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.” The survey's present situation measure, based on consumers' assessment of current business and labor market conditions, jumped to a reading of 86.2 this month from 68.4 in May.
The expectations index based on consumers' short-term outlook for income, business and labour market conditions jumped to 106.0 from a reading of 97.6 in May.The percentage of consumers expecting an increase in income climbed to 15.1 per cent this month from 14.6 per cent in May and the proportion anticipating a drop fell to 14.4 per cent from 15.4 per cent.
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