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US Consumer Confidence Took Big Leap in June

But worries about possible recession persist.

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PHOTOGRAPHY: Suchat Longthara/iStock.com
PHOTOGRAPHY: Suchat Longthara/iStock.com

Three major indexes from The Conference Board show consumers continue to have a positive outlook as 2023 hits its halfway point. Specifically:

  • The Consumer Confidence Index increased in June to 109.7 (1985=100), up from 102.5 in May.
  • The Present Situation Index — based on consumers’ assessment of current business and labor market conditions — rose to 155.3 (1985=100) from 148.9 last month.
  • The Expectations Index — based on consumers’ short-term outlook for income, business, and labor market conditions — rose to 79.3 (1985=100) from 71.5 in May.

Expectations have remained below 80—the level associated with a recession within the next year—every month since February 2022, with the exception of a brief uptick in December 2022. However, June’s reading was just a shade below 80 and up sharply from last month’s print.

“Consumer confidence improved in June to its highest level since January 2022, reflecting improved current conditions and a pop in expectations,” said Dana Peterson, Chief Economist at the board, a non-partisan, not-for-profit member-driven think tank founded in 1916. “Greater confidence was most evident among consumers under age 35, and consumers earning incomes over $35,000. Nonetheless, the expectations gauge continued to signal consumers anticipating a recession at some point over the next six to 12 months.”

Click here for more from the board’s latest indices.

Since launching in 2014, INVISION has won 23 international journalism awards for its publication and website. Contact INVISION's editors at editor@invisionmag.com.

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