United States Consumer Confidence
The Conference Board Consumer Confidence Index Monthly Update
The latest Conference Board Consumer Confidence Index was released on Tuesday, June 27 based on data collected through June 15. Consumer confidence gets stronger after two months of unexpected slumps exceeding expectations from some economists. Americans are plenty confident in the U.S. economy although growth is not expected to accelerate anytime soon.
The Index now stands at a preliminary 118.9, up 1.3 points from the downward revision of 117.6 in May reflecting improved business conditions.
“Consumer confidence increased moderately in June following a small decline in May,” said Lynn Franco, Director of Economic Indicators at The Conference Board. “Consumers’ assessment of current conditions improved to a nearly 16-year high (July 2001, 151.3). Expectations for the short-term have eased somewhat, but are still upbeat. Overall, consumers anticipate the economy will continue expanding in the months ahead, but they do not foresee the pace of growth accelerating.”
Americans assessment of the labor market was more positive. Those surveyed stating jobs are “plentiful” rose from 30.0 percent to 32.8 percent while persons claiming jobs are “hard to get decreased slightly from 18.3 percent to 18.0 percent.
The outlook for the labor market remains mixed. The proportion expecting more jobs in the months ahead increased from 18.6 percent to 19.3 percent, but those anticipating fewer jobs increased from 12.1 percent to 14.6 percent.
Consumer confidence for July 2017 will be released on Tuesday, July 25, 2017.
Consumer confidence is a key measure of consumer’s attitudes. The survey, a closely followed barometer of consumer attitudes, measures confidence toward business conditions, short-term outlook, personal finances and jobs. In other words it measures the degree of optimism that consumers feel about the overall state of the economy and their personal financial situation. If consumer confidence is high, consumers are more likely to make purchases. Vice-versa, if consumer confidence is low, consumers are more likely to save and spend less.