Consumer Confidence Continues to Rise
According to the nonprofit think tank, The Conference Board, consumer confidence recently rose to its highest level in 17 months.
This was driven by several factors, including fewer worries about the possibility of a recession. However, spending plans were mixed.
While more Americans anticipated a real vacation instead of past years’ staycations, plans for bigger purchases like homes and appliances cooled due to higher interest rates.
- Overall consumer confidence increased 7.2 points in June, reaching 109.7. This is the highest level since January 2022.
- Confidence in the present situation rose 6.4 points.
- The Expectation Index climbed even more, from 71.5 to 79.3 points. This was the biggest jump in six months.
Respondent feedback was positive in most areas, with ratings for business conditions and the labor market rising. While there was still some optimism about the short term outlook, there were somewhat lower, only rising to 1%.
While some respondents admitted they had put home buying plans on hold, these decreases were marginal. Plans for new home purchases decreased to .5% while those planning to buy an existing home fell to 2.2%.
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