United States: Consumer confidence recovers notably in June
The Conference Board’s consumer confidence index increased to 98.1 in June from 85.9 in May. Nevertheless, the index was slightly below the 100-threshold that separates pessimism from optimism. June’s result beat market expectations of 91.8 and likely reflected the easing of lockdown measures in most parts of the country.
American households’ assessment of the current state of the economy jumped, while their confidence about the short-term outlook for income and business conditions also improved.
Lynn Franco, senior director of economic indicators at the Conference Board, noted:
“Looking ahead, consumers are less pessimistic about the short-term outlook, but do not foresee a significant pickup in economic activity. 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.”