06-30-20 | Economic News

Consumer Confidence Bounces Back

Expectations Nearly Hit Pre-Crisis Levels

Even with a better monthly report from consumers, the recent virus flare-up puts next month's score at risk of a drop.

The latest consumer confidence index surprised experts by reaching a score of 98.1 when the consensus estimate was set at 91.5. But even with the better-than-expected tally, months of steep declines means the index is still far from the pre-pandemic peak of 132.6.


The forward-looking expectations part of the index came in at 106.0, just a little shy of the pre-recession high of 108.1. June's score was also well above the 2019 expectations average of 100.6.

Survey takers that said jobs are plentiful only reached 20.8, but that is up from 16.5 in May. And those finding jobs hard to get dropped to 23.8 from 29.2 last month.

The optimistic jobs report for May, which did better than expected, "perhaps lifted the outlook for the job market," according to the Wells Fargo Economics Group. "The improved (or at least less bad) outlook may also be a reflection of shrinking COVID-19 case counts earlier in the month. The recent uptick could reverse that."


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