U.S. adults' views about the economy were unchanged last week, with Gallup's U.S. Economic Confidence Index averaging +3 for the second week in a row. After reaching several post-recession highs earlier this year, the index has been quite stable since May, with weekly averages between +2 and +4, Gallup said in a statement.
Meanwhile, an unexpected rebound in U.S. consumer confidence reflects a buoyant labor market and improved business conditions, Bloomberg News reported. But Americans are slightly less optimistic about where things will be in six months, data from the New York-based Conference Board showed Tuesday.
Consumer Confidence Highlights from June
- Confidence index rose to 118.9 (est. 116) from 117.6 in May
- Present conditions measure increased to 146.3, highest since July 2001, from 140.6
- Gauge of consumer expectations for the next six months fell to 100.6, lowest since January, from 102.3
Americans are encouraged by an economy that continues to provide jobs, rising stock and home prices and steady pay gains. The share of respondents expecting higher incomes was the second-highest since 2002. Meanwhile, the easing of the overall expectations index adds to other sentiment figures that suggest mounting skepticism about the ability of Washington lawmakers to enact economic policies that will drive growth, including healthcare reform and tax cuts.
“Expectations for the short-term have eased somewhat, but are still upbeat,” Lynn Franco, director of economic indicators at the Conference Board, said in a statement. “Overall, consumers anticipate the economy will continue expanding in the months ahead, but they do not foresee the pace of growth accelerating.”
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