US consumer confidence up in June as gas prices fall

Consumer confidence in the United States edged higher in June, according to data released Tuesday, as falling gasoline prices provided modest relief from inflation concerns. The Conference Board's closely watched index rose to 91.2, up from a downwardly revised 90.6 in May. Despite the increase, the reading remains below its level from a year ago and far below the pre-pandemic norm, indicating a persistently cautious public outlook.

The slight uptick was driven by improved expectations for future business conditions and incomes, while consumers' assessment of the present situation deteriorated. The survey's Expectations Index rose, though it remained below a level that historically signals recession risk. In contrast, the Present Situation Index fell, reaching its lowest point in over five years.

A key factor in the mixed report was a significant softening in perceptions of the labor market. The proportion of consumers reporting that jobs are "hard to get" increased to 22.5% in June, the highest level since January 2021. This stands in contrast to other government data showing a solid number of job openings, suggesting a disconnect between household sentiment and official labor...