US consumer confidence rises in June on lower gas prices

Investing.com -- US consumer confidence increased slightly in June as declining gasoline prices helped ease inflation concerns among Americans, according to data released Tuesday.

The Conference Board's consumer confidence index rose 0.6 point to 91.2, following a downward revision to the previous month.

The index measuring current conditions declined, while the forward-looking expectations gauge for the next six months increased.

“Consumer confidence inched up in June as falling oil prices in recent weeks provided some relief to consumer inflation fears,” said Dana M Peterson, Chief Economist, The Conference Board. “Consumer appraisals of current business conditions were slightly more positive compared to last month.

Lower gas prices stemming from a truce in the Middle East helped reduce some economic anxiety expressed by Americans in recent months. Views on the labor market weakened, with consumers expecting limited improvement ahead.

Survey data showed a slight increase in the share of consumers reporting plentiful jobs, while those saying jobs were hard to get jumped. The gap between these two measures, which economists monitor to assess labor market conditions, fell to its lowest level in more than five years.

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