The Conference Board Consumer Confidence Index increased in June after a stagnate month in May. Index is now at 98.1, a solid jump from 85.9 in May. The Present Situation Index improved from 68.4 to 86.2.
“Consumer Confidence partially rebounded in June but remains well below pre-pandemic levels,” said Lynn Franco, Senior Director of Economic Indicators at The Conference Board. “The re-opening of the economy and relative improvement in unemployment claims helped improve consumers’ assessment of current conditions, but the Present Situation Index suggests that economic conditions remain weak. 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.”
With a flurry of positive news coming from the housing sector, it’s a pleasant sight to see that consumer confidence is trending upward in response to the economy.