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Consumer Confidence Climbs to Pandemic-High in June

June 29, 2021 by Forex Winner Leave a Comment

Consumer Confidence Climbs to Pandemic-High in June

Source: The Conference Board

Consumer confidence grew to its highest level since the COVID-19 pandemic hit in June, as business conditions are widely expected to continue improving in the coming months.

  • The Consumer Confidence Index climbed to 127.3 in June, following the upward-revised 120.0 in May. This is the highest since March 2020.
  • The Present Situation Index which assesses the prevailing market conditions climbed to 157.7 from 148.7 the previous month.
  • The Expectations Index based on the short-term outlook for market conditions increased to 107.0 from 100.9 in May.
  • More consumers said business conditions are “good” versus the previous month, while the majority said jobs are “plentiful.” 
  • Growth was recorded in the proportion of consumers who expect business conditions and short-term financial prospects to improve.
  • Less consumers expect more jobs to be available in the coming months.
  • The Conference Board Senior Director Lynn Franco said the latest results suggest that economic growth strengthened in the second quarter.
  • Consumer spending is expected to spur economic growth as more consumers indicated plans to purchase homes, automobiles, and major appliances.

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