U.S. consumer confidence unexpectedly increases in June
Investing.com
Published Jun 27, 2017 10:01AM ET
U.S. consumer confidence rises to 118.9 in June vs. 116.0 forecast
Investing.com - U.S. consumer confidence unexpectedly rose in June, bolstering optimism over the outlook for the consumption-driven economy, industry data showed on Tuesday.
In a report, the Conference Board, a market research group, said its index of consumer confidence increased to 118.9 this month from a reading of 117.6 (revised from an initial 117.9) in May.
Analysts had expected the index to fall to 116.0 in June.
“Consumer confidence increased moderately in June following a small decline in May,” Lynn Franco, Director of Economic Indicators at The Conference Board, said.
Franco noted that consumers’ assessment of current conditions hit nearly a 16-year high and though short-term expectations eased somewhat, they were still upbeat.
“Overall, consumers anticipate the economy will continue expanding in the months ahead, but they do not foresee the pace of growth accelerating,” she added.
The monthly Consumer Confidence Survey, based on a probability-design random sample, is conducted for The Conference Board by Nielsen, a leading global provider of information and analytics around what consumers buy and watch. The cutoff date for the preliminary results was June 15.
After the report, which was released simultaneously with the Richmond manufacturing index for the same month, EUR/USD was trading at 1.1280 from around 1.1283 ahead of the publication; GBP/USD was at 1.2763 from 1.2760 earlier; while USD/JPY was at 112.05 from 111.91 earlier.
The US dollar index, which tracks the greenback against a basket of six major rivals, traded at 96.53 compared to 96.48 prior to the release.
Meanwhile, U.S. stock markets traded lower after the open. The Dow 30 dropped 0.05%, the S&P 500 fell 0.13%, while the Nasdaq Composite traded down 0.30%.
Elsewhere, in the commodities market, gold futures traded at $1,250.31 a troy ounce, compared to $1,251.24 ahead of the data, while crude oil traded at $43.88 a barrel from $43.73 earlier.
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Written By: Investing.com
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