The National  Memo Logo

Smart. Sharp. Funny. Fearless.

Monday, December 09, 2019 {{ new Date().getDay() }}

Washington (AFP) — U.S. consumer confidence increased for the second straight month in June to its highest level since January 2008, when the U.S. economy was sinking into recession, The Conference Board reported Tuesday.

The consumer confidence index rose to 85.2, up from 82.2 the previous month, with consumers more positive about the outlook for the labor market and holding greater expectations overall for the next six months.

“Expectations regarding the short-term outlook for the economy and jobs were moderately more favorable, while income expectations were a bit mixed. Still, the momentum going forward remains quite positive,” said Lynn Franco, director of economic indicators at The Conference Board.

More consumers saw current conditions as “good” than as “bad,” and those seeing job opportunities as rising increased to 16.3 percent of respondents, while the number of those expecting fewer opportunities declined to 18.7 percent.

Chris Christopher, director for U.S. consumer economics at IHS Global Insight, noted the gains came despite rises in food and gasoline prices.

“Consumer confidence may take a hit during the summer months if food prices keep on increasing and consumers start feeling the pump-price pinch,” he said.

AFP Photo / Andrew Burton

Interested in news about the economy? Sign up for our daily email newsletter!

Start your day with National Memo Newsletter

Know first.

The opinions that matter. Delivered to your inbox every morning

Trump supporter holds "Stop the Steal" sign on the morning of the January 6, 2021 Capitol riot.

War is peace.

Freedom is slavery.

Keep reading... Show less

Close