U.S. Consumer Confidence Posts Biggest Increase Since Late 2011 By Olivia Rockeman
https://www.bloomberg.com/news/articles/2020-06-30/u-s-consumer-confidence-posts-biggest-increase-since-late-2011
U.S. consumer confidence rose in June by more than forecast as optimism increased amid business reopenings, though sentiment remained well below pre-pandemic levels.
The Conference Board’s index jumped by 12.2 points to 98.1, the biggest one-month gain since late 2011, according to a report Tuesday. The median estimate in a Bloomberg survey of economists had called for a reading of 91.5.
The group’s subindex of expectations, based on consumers’ outlook for income, business and labor market conditions, rose to a four-month high of 106. Attitudes about the present situation gained 17.8 points to 86.2 — the largest one-month gain since 1974.
The rise in confidence shows Americans are regaining optimism as more businesses reopen, especially in hard-hit states like New York, though the improvement was concentrated among higher-income individuals. New outbreaks in states on the West Coast and in the South, which have already resulted in closures of some bars and beaches, could dampen confidence moving into July.
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