WASHINGTON (AP) – Americans’ attitudes about the economy improved slightly this month. gasoline prices have fallenbut their outlook remains mostly negative by historical standards.
The Conference Board said on Tuesday: consumer confidence index The index rose 0.6 points to 91.2 in June, but this figure is still lower than the previous year’s 95.2. Worsening consumer attitudes after the Iran war caused oil and gas prices to rise, fueling inflation and reducing Americans’ inflation-adjusted incomes. Before the pandemic, the index regularly exceeded 120.
The report suggests that consumer confidence is only slowly recovering from the blow from the Iran war. Still, Americans continue to spend despite the bleak outlook; economic growth Even if inflation accelerates. Since the pandemic, indicators of consumer sentiment have become less predictive of how Americans actually shop.
Earlier this month, a government report found that consumers increased their spending Despite the sharp rise in gasoline prices in May. Analysts expect the economy to grow at an annual rate of about 2.5% in the April-June period due to strong consumer spending.
Lower gas prices may also help boost Americans’ outlook for the coming months. Gasoline prices soared to an average of more than $4.50 nationally since Feb. 28, when the conflict between the U.S. and Iran began, but have since returned to $3.85 per gallon, according to AAA.
