The Conference Board, the group of experts that provide information on what is to come, reported that the consumer confidence index increased in June to 109.7 points, compared to 102.5 in May.
“Consumer confidence improved in June to its highest level since January 2022, reflecting better current conditions and rising expectations,” said Dana Peterson, chief economist at The Conference Board.
“The greatest trust was most evident among consumers under the age of 35 and consumers with incomes of more than $35,000. However, the expectations gauge continued to indicate that consumers were anticipating a recession at some point in the next 6-12 months,” Peterson added.
According to the report:
· 23.7% of consumers said business conditions were “good”, up from 19.7% last month.
· 16.3% said that business conditions were “bad”, compared to 16.7%.
· 46.8% of consumers said that jobs were “abundant”, compared to 43.3%.
· 12.4% of consumers said jobs were “hard to get,” down from 12.6% last month.
· 14.2% of consumers expect commercial conditions to improve in the next six months, compared to 13.2%.
· Meanwhile, 17.7% expect business conditions to worsen, compared to 21.4%.
· 15.5% of consumers expect more jobs to become available, up from 13.8% last month.
· 16.0% foresee fewer jobs, compared to 21.1%.
· 16.9% of consumers expect their income to increase, down from 18.9% last month.
· 11.9% expect their income to decrease, compared to 11.4% in May.
· 28.5% of consumers say their current family financial situation is “good”, down slightly from 29.2% in May.
· 18.2% say that their current family finances are “bad”, compared to 19.5%.
· 30.3% of consumers expect their family finances to be “better” in the next six months, up from 28.9% in May.
· 13.7% expect their family finances to be “worse”, below 14.9%.
· 69.3% of consumers say a recession is “somewhat” or “very likely,” up from 73.2% in May.
“Assessments of the current situation rose in June due to more optimistic prospects for both business and labor conditions. In fact, the gap between consumers saying jobs are ‘plentiful’ versus ‘not so plentiful’ has widened, indicating optimistic sentiments about a job market that continues to outperform. In addition, expectations for the next six months have improved materially, reflecting greater confidence about future business conditions and job availability,” Peterson said.
Keep reading:
· Recession knocks on the door: The Conference Board’s Leading Economic Index fell further in May
The best and worst managed cities in the United States, according to WalletHub
· Small and medium businessmen in the US think that the recession to come will be worse than that of 2008