A key measure of consumer confidence soared in June, as the U.S. economy added a robust 850,000 jobs and the COVID-19 pandemic continued to recede across the country.
The Conference Board reported that its Consumer Confidence Index rose to 127.3 from an upwardly revised May reading of 120.
“Consumer confidence increased in June and is currently at its highest level since the onset of the pandemic’s first surge in March 2020,” Lynn Franco, senior director of economic indicators at The Conference Board, said in a press release. “Consumers’ assessment of current conditions improved again, suggesting economic growth has strengthened further in Q2.
“Consumers’ short-term optimism rebounded, buoyed by expectations that business conditions and their own financial prospects will continue improving in the months ahead,” Franco added. “While short-term inflation expectations increased, this had little impact on consumers’ confidence or purchasing intentions. In fact, the proportion of consumers planning to purchase homes, automobiles and major appliances all rose – a sign that consumer spending will continue to support economic growth in the short term. Vacation intentions also rose, reflecting a continued increase in spending on services.”
To read the entire report from Jack Atzinger at Trade Only Today click here.