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

[WASHINGTON] US consumer confidence nudged higher in June as a fragile truce in the Middle East conflict weighed down on petrol prices, while households’ perceptions of labour market conditions deteriorated, with the share viewing jobs as hard to get rising to near a 5½- year-high, a survey showed on Tuesday (Jun 30).

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. Petrol prices dropped below US$4 a gallon in mid-June for the first time since the US-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 with last month,” said Dana Peterson, chief economist at the Conference Board.

“However, perceptions of the current labour market softened measurably as the percentage of consumers saying jobs were ‘hard to get’ rose to 22.5 per cent, the highest level since January 2021. Moreover, consumers anticipate little change in the labour market six months from now.” REUTERS