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Summary-American Consumer Confidence Approaching One-and-a-Half Highs

By Lucia Mutikani

WASHINGTON, Jun 29 (.) – US consumer confidence reached its highest in nearly a year and a half in June as growing optimism in the job market over the reopening of the economy offset concerns about accelerating inflation .

The Conference Board poll on Tuesday also showed a strong appetite to buy goods such as motor vehicles and appliances, suggesting strong momentum for the economy at the end of the second quarter.

Consumers were also eager to buy houses, a sign that house prices will continue to rise rapidly as supply lags behind.

Many were planning to go on vacation, mostly in the United States for the next six months, which should boost demand for services and consumer spending.

“Consumer attitudes are likely to benefit from the ongoing reopening and a better health outlook going forward, which will support job and income growth,” said Rubeela Farooqi, chief US economist at High Frequency. Economics.

The Conference Board Consumer Confidence Index hit 127.3 this month, the highest reading since February 2020, down from 120.0 in May. Economists polled by . had forecast an index of 119.0.

The survey highlighted the job market, which is steadily recovering. More than 150 million Americans have been fully vaccinated against the coronavirus, allowing for greater economic involvement.

The survey’s current status measure, based on consumers’ assessment of current business and job market conditions, increased to 157.7 from 148.7 last month.

The expectations index, based on consumers’ short-term outlook for income, business and labor market conditions, rose to 107.0 from 100.9. Consumer inflation expectations for the next 12 months rose to 6.7% from 6.5% last month.

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Another report on Tuesday showed that the S & P / Case Shiller composite index of home prices in 20 metropolitan areas accelerated 14.9% year-on-year in April, the biggest rise since December 2005. The rise is an acceleration from 13, 4% in March.

The rise in house price inflation was corroborated by another report showing that the Federal Housing Finance Agency (FHFA) house price index soared 15.7% in April from a year ago. a year, after having risen 14.0% in March.

(Report by Lucia Mutikani, Edited in Spanish by Javier López de Lérida)

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