PT Solid Gold Berjangka | US Consumer Confidence Rises on Improved Economic Outlook
Ekonomi AS Consumer Confidence US Consumer Confidence PT SGB Solid Group SG Berjangka Solid Gold Berjangka
Solid Gold Berjangka | U.S. consumer confidence rose in July as the outlook for the economy and labor market improved.The Conference Board’s consumer confidence index rose to 100.3 from a downwardly revised 97.8 in June, according to data released Tuesday. The median forecast from a Bloomberg survey of economists was 99.7.
The index of expectations for the next six months rose to 78.2 in July, the highest level since January. Still, the group’s assessment of current conditions was the lowest in the past three years.
Even though the overall index rose from the previous month, consumer confidence remains subdued and well below pre-pandemic levels. Consumers are grappling with rising living costs, higher borrowing costs, and sluggish wage growth, helping to explain the slowdown in spending this year, especially by lower-income groups.
Dana Peterson, chief economist for the Conference Board, said in a statement, “Consumer confidence rose in July, but not enough to break out of the narrow range that has persisted for the past two years. Despite consumers’ relatively positive attitude toward the labor market, they appear to be concerned about rising prices and interest rates.”
Inflation expectations have stabilized. According to price statistics released earlier this month, U.S. inflation rose at a moderate pace in June.
Consumer views of the labor market outlook improved, but optimism about the current situation weakened. 34.1% of consumers said employment is “abundant,” the fewest since March 2021. More consumers said it was “difficult” to get a job.
The gap between the two, a measure often used by economists to gauge the strength of the labor market, fell to its lowest level in more than three years.
An important government report to be released on Friday will provide further clues as to the direction of the labor market. Economists currently expect 175,000 jobs in July.
Source: Bloomberg