- Lynn Franco, director of economic indicators at the Conference Board
US consumer confidence rose solidly last month as Americans felt much more upbeat about the nation's economy and labour market, reinforcing the view the world's number one economy was back on track after a shaky start to the year. According to the Conference Board, the index of consumer confidence increased to 101.4 in June, up from a revised 94.6 a month earlier. The survey results showed households grew more optimistic about the jobs market. The share of Americans who said jobs were hard-to-get declined to 25.7%, compared with 27.2% in May. While the share of those who viewed jobs were plentiful climbed to 21.4% in the reported month, up from 20.6% in May, supporting the view of tightening labour market conditions. In addition to that, the current situation index, a gauge of households' assessment of current economic conditions, soared to 111.6 from a revised 107.1 a month earlier. Consumers' expectations for economic activity over the coming six months surged to 94.6 from 86.2.
Meanwhile, a separate release showed single-family home prices increased in April, albeit at a slower pace, easing concerns rising home values will undermine affordability for first-time buyers. The S&P/Case Shiller composite index in April climbed 4.9% in April from a year ago. The year-on-year rate of appreciation slowed a bit from 5.0% in March.
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