Consumer confidence in the United States registered a slight increase in June, as a fragile truce in the Middle East war put downward pressure on gasoline prices, while families’ perception of labor market conditions deteriorated, with the share who consider it difficult to get a job rising to close to the highest level in 5 and a half years, according to a survey released this Tuesday (30).
The Conference Board reported that the consumer confidence index rose to 91.2 this month, compared to 90.6 in May, in a downwardly revised value. Economists polled by Reuters expected the index to rise to 94.7, compared to the 93.1 previously reported for May.
Gasoline prices fell below $4 a gallon in mid-June for the first time since the start of , in late February, according to data from the American Automobile Association (AAA).
“Consumer assessments of current business conditions were slightly more positive compared to last month,” said Dana Peterson, chief economist at the Conference Board.
“However, perceptions about the current job market have noticeably weakened, as the percentage of consumers who said jobs were ‘hard to get’ rose to 22.5%, the highest level since January 2021. Additionally, consumers anticipate little change in the job market six months from now,” he continued.
