Overview
- The Conference Board said the consumer confidence index rose 0.6 points to 91.2 in June, with the Expectations component jumping 3.0 points to 74.4.
- A sharp downward revision to May's reading—from 93.1 to 90.6—muted the apparent strength of June's gain.
- The Present Situation index fell to 116.4 and the share of people saying jobs are "hard to get" climbed to 22.5%, the highest level since January 2021.
- The survey's labor measures showed a collapsed labor differential of just +2.4% even as the Labor Department's JOLTS report showed rising job openings, creating a cross-report contrast.
- Analysts say cheaper oil likely eased inflation worries and boosted expectations but that the survey's softer labor signals are the key thing for the Fed and will be weighed against upcoming payroll data.