Economic Buzz: US consumer confidence improves in June

Consumer confidence in the United States rose in June compared to the month prior, rising 10.5% to 49.5, according to a final report released by the University of Michigan on Friday. However, on an annual basis, the figure decreased by 18.5%.

The Current Economic Conditions Index climbed 4.1% in the reported month and came in at 47.7, while plunging 26.4% on a yearly basis. At the same time, the Index of Consumer Expectations arrived at 50.7, representing a 15% increase from the previous month, but an annual fall of 12.7%.

Inflation expectations for the year ahead retreated from 4.8% in May to 4.6%, with the report noting that the reading is still elevated. The current reading substantially exceeds the 3.4% reading seen in February before the Iran conflict began, along with all 2024 readings. Long-run inflation expectations fell back from 3.9% last month to 3.3% in June, the report concluded.

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