U.S. consumer confidence approaches 1-1/2-year high in June
2023.06.27 12:31
© Reuters. FILE PHOTO: A family shops at the Wal-Mart Supercenter in Springdale, Arkansas June 4, 2015. REUTERS/Rick Wilking/File Photo
WASHINGTON (Reuters) – U.S. consumer confidence increased in June to the highest level in nearly 1-1/2 years, but fears of a recession lingered, according to a survey on Tuesday.
The Conference Board said its consumer confidence index rose to 109.7 this month, the highest reading since January 2022, from 102.5 in May. Economists polled by Reuters had expected the index to climb to 104.0.
“Greater confidence was most evident among consumers under age 35, and consumers earning incomes over $35,000,” said Dana Peterson, chief economist at The Conference Board. “Nonetheless, the expectations gauge continued to signal consumers anticipating a recession at some point over the next 6 to 12 months.”
The Conference Board survey showed consumers’ 12-month inflation expectations dipped to 6.0% from 6.1% last month.
