US consumer confidence edges up in June; labor market perceptions deteriorate

Kitco Media
By Reuters
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Reuters
US consumer confidence edges up in June; labor market perceptions deteriorate teaser image

WASHINGTON, June 30 (Reuters) - U.S. consumer confidence nudged higher in June as a fragile truce in the Middle ​East conflict weighed down on gasoline ‌prices, while households' perceptions of labor market conditions deteriorated, with the share viewing jobs as hard to ​get rising to near a 5-1/2 year-high, ​a survey showed on Tuesday.

The Conference Board ⁠said its consumer confidence index rose to ​91.2 this month from a downwardly revised 90.6 ​in May. Economists polled by Reuters had forecast the index rising to 94.7 from a previously reported 93.1 ​in May. Gasoline prices dropped below $4 a ​gallon in mid-June for the first time since the ‌U.S.-Israel ⁠war with Iran started at the end of February, data from motorist advocacy group AAA showed.

"Consumer appraisals of current business conditions were slightly ​more positive ​compared to ⁠last month," said Dana Peterson, chief economist at the Conference Board.

"However, ​perceptions of the current labor market softened ​measurably ⁠as the percentage of consumers saying jobs were 'hard to get' rose to 22.5%, the highest ⁠level ​since January 2021. Moreover, consumers ​anticipate little change in the labor market six months from ​now."

Reporting by Lucia Mutikani; Editing by Chizu Nomiyama

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