Consumer confidence ticks up as gas prices fall but Americans remain gloomy about the economy
- On Tuesday, The Conference Board reported its consumer confidence index rose 0.6 point to 91.2 in June, showing slight improvement but remaining well below pre-pandemic levels of 120.
- Oil and gas prices spiked above $4.50 following the Iran war, which accelerated inflation and caused Americans' inflation-adjusted incomes to decline.
- Economists forecast 100,000 jobs added in June with unemployment at 4.3%, yet Americans saying jobs are "hard to get" rose to 22.5% from 19.8% last month.
- Despite a dour outlook, Americans continued to spend in May, keeping the economy growing at about a 2.5% annual rate during the April-June quarter.
- Falling gas prices, now at $3.85 a gallon, may help boost Americans' outlook in the coming months, as Dana Peterson, The Conference Board's chief economist, said easing oil prices provided relief to consumer inflation fears.
51 Articles
51 Articles
Ringgit opens firmer on weaker US consumer confidence data
KUALA LUMPUR: The ringgit was firmer against the US dollar in the early session, supported by weaker-than-expected US consumer confidence data that weighed on the greenback. Meanwhile, investors remained cautious ahead of the release of the US nonfarm payrolls report later this week. At 8.01am, the local currency rose to 4.0775/4.0870 against the greenback from Tuesday’s close of 4.0825/4.0870. Bank Muamalat Malaysia Bhd chief economist Afzaniza…
Consumers are feeling better, but not confident enough yet
Americans’ attitudes toward the economy improved slightly this month as gas prices declined, but their outlook is still mostly negative by historical standards. The Conference Board said Tuesday that its consumer confidence index rose 0.6 point to 91.2 in June, a figure that is still below its year-ago reading of 95.2. Consumer attitudes worsened after […]
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Consumer Confidence Edges Higher In June As Gas Prices Retreat From Iran War Spike
The Conference Board said its confidence index rose slightly to 91.2, but Americans remain cautious as inflation-adjusted incomes, job-market perceptions and fuel costs continue weighing ... The post Consumer Confidence Edges Higher In June As Gas Prices Retreat From Iran War Spike first appeared on [your]NEWS.
Americans Remain Gloomy About the Economy
“Americans’ attitudes toward the economy improved slightly this month as gas prices declined, but their outlook is still mostly negative by historical standards,” the Associated Press reports. “The Conference Board said Tuesday that its consumer confidence index rose 0.6 point to 91.2 in June, a figure that is still below its year-ago reading of 95.2. Consumer attitudes worsened after the Iran war caused oil and gas prices to spike, accelerating…
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