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☆ Premarket stocks: American inequality is rising despite higher wages
▼ + stars: | 2023-11-01 | by ( Nicole Goodkind | ) edition.cnn.com time to read: +7 min

The median (or mid-point) net worth for households has also increased. And while the median net worth has increased significantly, it’s still under $200,000 — far short of the estimated amount Americans should have in retirement savings. Bud Light sales keep sinkingBud Light continues to drag on Anheuser-Busch InBev’s bottom line in the United States, reports my colleague Jordan Valinsky. In the summer, Bud Light lost its long-held top-selling American beer title to rival Modelo. In an effort to jumpstart sales, Bud Light has been rolling out marketing campaigns and partnerships it thinks will placate fans.

Persons: it’s, ”, “ Consumers, ” Dana Peterson, Bud, Bud Light, Jordan Valinsky, Dylan Mulvaney, Elisabeth Buchwald, Biden, ’ Organizations: CNN Business, Bell, New York CNN, Labor Department, Consumer Finances, Governors, Federal Reserve, Conference, Board, “, Conference Board, Wall, Dow, Nasdaq, Bud Light, Anheuser, Busch, InBev, Modelo, Beer Business, NFL, UFC Locations: New York, Black, United States

☆ US consumer confidence dropped for third consecutive month despite the booming economy
▼ + stars: | 2023-10-31 | by ( Elisabeth Buchwald | ) edition.cnn.com time to read: +3 min

For the third month in a row, the Conference Board’s Consumer Confidence Index fell — dropping to 102.6 in October from an upwardly revised 104.3 in September. The decline in consumer confidence was not evident across all age groups and household income levels. People above the age of 55 exhibited the biggest monthly decline in consumer confidence. Meanwhile, consumers with a household income between $25,000 to $35,000 saw the biggest decline in confidence about the economy over the past month. In contrast, consumers with a household income between $100,000 to $125,000 saw the biggest jump in confidence over the past month.

Persons: ” Dana Peterson, “ Consumers, ”, Bill Adams, ” Peterson, Jeffrey Roach Organizations: New, New York CNN, Conference, Board, Conference Board, “, Big Three, United Auto Workers, Comerica Bank, LPL Financial, Federal Locations: New York, Israel

WASHINGTON (AP) — American consumers are feeling increasingly less confident these days as fears of an oncoming recession remain elevated. The index measures both Americans’ assessment of current economic conditions and their outlook for the next six months. The index measuring Americans short-term outlook for income, business and job market declined again, to 75.6 in October from 76.4 in September. Though they continue to spend, inflation, geopolitical conflicts and inflation remain at the forefront of American consumers' minds. Consumers’ view of current conditions also fell this month, to 143.1 from 146.2 in September.

Persons: “, —, ”, Dana Peterson Organizations: WASHINGTON, Conference Board, Federal Reserve

☆ US consumer confidence fall further in October
▼ + stars: | 2023-10-31 | by ( ) www.reuters.com time to read: +1 min

REUTERS/Bing Guan/File Photo Acquire Licensing RightsWASHINGTON, Oct 31 (Reuters) - U.S. consumer confidence declined for a third straight month in October amid persistent worries about inflation, higher borrowing costs and the political environment, a survey showed on Tuesday. The Conference Board said its consumer confidence index fell to 102.6 this month from an upwardly revised 104.3 in September. Economists polled by Reuters had forecast the index slipping to 100.0 from the previously reported 103.0. "Consumers also expressed concerns about the political situation and higher interest rates. Reporting by Lucia Mutikani; Editing by Chizu NomiyamaOur Standards: The Thomson Reuters Trust Principles.

Persons: Bing Guan, Dana Peterson, Consumers, Lucia Mutikani, Chizu Organizations: REUTERS, Rights, Board, Reuters, Conference Board, Thomson Locations: SoHo, New York City, U.S

Home prices rose 0.4% in August and at an annual rate of 2.6%, as low inventories buoyed prices even while mortgages hit the 7% level. The CoreLogic Case-Shiller index for the month found 12 of the 20 cities in the index saw higher prices in August from the year-ago period. home prices continued to rise in August 2023,” said Craig J. Lazzara, managing director at S&P DJI. “The year’s increase in mortgage rates has surely suppressed housing demand, but after years of very low rates, it seems to have suppressed supply even more. Political Cartoons on the Economy View All 604 Images“The affordability challenge is being exacerbated by persistently higher mortgage rates,” said Lisa Sturtevant, chief economist for Bright MLS.

Persons: ”, Craig J, Lazzara, ” Selma Hepp, Lisa Sturtevant, Hannah Jones, That’s, Rhys Williams, It’s, Venkat Balakrishnan, –, Dana Peterson, “, ” Peterson Organizations: Bright MLS, Federal Reserve, ”, Census Bureau, “, Realtor.com, Management, Fed, Conference Board, Hamas, Financial Group Locations: Chicago, New York, Detroit, Las Vegas, “, Israel

☆ 'We are expecting a pause' from the Fed next week, says Conference Board's Dana Peterson
▼ + stars: | 2023-10-27 | by ( ) www.cnbc.com time to read: 1 min

Share Share Article via Facebook Share Article via Twitter Share Article via LinkedIn Share Article via Email'We are expecting a pause' from the Fed next week, says Conference Board's Dana PetersonDana Peterson, Conference Board chief economist, joins 'Fast Money' to talk today's PCE data and what to expect from the FOMC meeting next week.

Persons: Board's Dana Peterson Dana Peterson Organizations: Fed, Conference Board

☆ PCE: Gas prices heated up inflation last month, but there's also welcome progress for the Fed
▼ + stars: | 2023-09-29 | by ( Alicia Wallace | ) edition.cnn.com time to read: +6 min

Minneapolis CNN —Higher gas prices heated up overall inflation last month, but the Federal Reserve got some welcome news: Its preferred inflation gauge cooled to its lowest level in two years. The core Personal Consumption Expenditures index, a closely watched inflation measure that excludes gas and food prices, rose 3.9% for the 12 months ended in August. However, it also was largely expected: Gas prices heated up last month as well. The Commerce Department’s monthly Personal Income and Outlays reports are typically closely watched as they provide a comprehensive account of pricing, income and spending data. Other federal data at risk for delays could include key housing and auto sales data, Census Bureau data, PCE and GDP reports, among others.

Persons: ” Andrew Patterson, ” Patterson, ” Dana Peterson, “ That’s, ”, that’s, Price, Security Administration’s, “ We’ve, ” Vanguard’s Patterson, “ Organizations: Minneapolis CNN —, Federal Reserve, Commerce Department, Vanguard, CNN, Energy, “ Energy, Consumers, Commerce, Conference Board, Labor, Department, Bureau of Labor Statistics, Price, Security, Adjustment, Labor Department Locations: Minneapolis, Saudi Arabia, Russia

Consumers are growing more pessimistic about future prospects for the economy, according to the latest survey from the Conference Board released on Tuesday. “Consumer confidence fell again in September 2023, marking two consecutive months of decline,” said Dana Peterson, chief economist at the business organization. “September’s disappointing headline number reflected another decline in the expectations index, as the present situation index was little changed. “Write-in responses showed that consumers continued to be preoccupied with rising prices in general, and for groceries and gasoline in particular,” Peterson added. “Consumers also expressed concerns about the political situation and higher interest rates.

Persons: ”, Dana Peterson, “, ” Peterson, “ Consumers, Kelly Mangold, Lisa Sturtevant Organizations: Conference, “, Federal Reserve, Census Bureau, U.S . Department of Housing, Urban Development, Real Estate Consulting, MLS, American Financial Corporation

☆ US consumer confidence ebbs in September
▼ + stars: | 2023-09-26 | by ( ) www.reuters.com time to read: +1 min

A woman carries shopping bags during the holiday season in New York City, U.S., December 21, 2022. REUTERS/Eduardo Munoz/File Photo Acquire Licensing RightsWASHINGTON, Sept 26 (Reuters) - U.S. consumer confidence fell for a second straight month in September amid worries about higher prices and the political environment, a survey showed on Tuesday. The Conference Board said its consumer confidence index dropped to 103.0 this month from an upwardly revised 108.7 in August. "Consumers also expressed concerns about the political situation and higher interest rates. The decline in consumer confidence was evident across all age groups, and notably among consumers with household incomes of $50,000 or more."

Persons: Eduardo Munoz, Dana Peterson, Consumers, Lucia Mutikani, Chizu Organizations: REUTERS, Rights, Board, Reuters, Conference Board, Thomson Locations: New York City, U.S

WASHINGTON (AP) — The confidence of American consumers slipped this month, particularly about the future, as expectations persist that interest rates will remain elevated for an extended period. The Conference Board, a business research group, said Tuesday that its consumer confidence index fell to 103 in September from 108.7 in August. Most troubling was the decline in the index measuring future expectations, which tumbled to 73.7 in September from 83.3 in August. Confidence improved late in the spring as inflation eased in the face of 11 interest-rate hikes by the Federal Reserve. America’s employers added 187,000 jobs in August, evidence of a slowing but still-resilient labor market despite the high interest rates the Federal Reserve has imposed.

Persons: Dana Peterson Organizations: WASHINGTON, Conference Board, Target, Home, Federal Reserve Locations: U.S, United States

☆ US consumer confidence is the lowest it’s been in four months
▼ + stars: | 2023-09-26 | by ( Alicia Wallace | ) edition.cnn.com time to read: +2 min

Minneapolis CNN —Rising gas prices and high interest rates contributed to greater economic uncertainty and dampened consumer confidence in September, dropping the key economic indicator to the lowest level in four months, according to data released Tuesday. The Conference Board’s Consumer Confidence Index fell for a second consecutive month, dropping to 103 in September from an upwardly revised 108.7 the month before. The index is at its second-lowest level this year, landing just above May’s 102.5 reading, according to Conference Board data. “Consumers also expressed concerns about the political situation and higher interest rates. “Consumers may be hearing more bad news about corporate earnings, while job openings are narrowing, and interest rates continue to rise — making big-ticket items more expensive,” she said.

Persons: “ Consumers, ”, Dana Peterson, Consumers, Peterson, Matthew Martin Organizations: Minneapolis CNN, Board, “, Conference Board, Consumers, Oxford Economics Locations: Minneapolis, US

☆ Opinion: Musk, McCarthy and Romney are three kinds of leaders
▼ + stars: | 2023-09-17 | by ( Richard Galant | ) edition.cnn.com time to read: +21 min

We’re looking back at the strongest, smartest opinion takes of the week from CNN and other outlets. A vain and ambitious cigar-smoking bully who wore riding breeches, a polished helmet and boots and carried ivory-handled revolvers, he led troops on successful lightning strikes through German-held territory near the end of World War II. Musk has repeatedly been criticized for enabling and boosting antisemitic content on the platform.”“Isaacson tries to square these two Musks. During Trump’s first impeachment, Romney became the first senator in US history to vote to remove a president of his own party from office. He has been willing to do what he believes to be right — consequences be damned.”The differences between Romney and Trump were many.

Persons: CNN — “ Troy, Hadrian, …, ”, George S, Patton, “, Stephen D, Clay Jones, Elon Musks, Elon, Nicole Hemmer’s, Walter Isaacson, Musk “, Musk, ” “ Isaacson, Isaacson, ” Hemmer, Walt Handelsman, Kevin McCarthy, Donald Trump, McCarthy, Joe Biden, “ Trump, impeaching Biden, Norman Eisen, Trump, ” Eisen, Biden, James Antle III, ’, Hunter, McCarthy “, John Avlon, Dennis Aftergut, Lindsey Graham wasn’t, Michelle Lujan Grisham, she’s, Hunter Biden, Robert J, Spitzer, It’s, ” Vladimir, Kim, Vladimir Putin, Kim Jong, Frida Ghitis, Putin, vaingloriously, Peter the Great, Sébastien Roblin, Don’t, Romney Francis Chung, AP Sen, Mitt Romney, Romney, Sen, John McCain, Trump’s, Lanhee J, Chen, Lisa Benson, Kate Bahn, ’ I’m, —, Dana Peterson, Erik Lundh, ” Dana Summers, Kunis Mila Kunis, Ashton Kutcher, Mila Kunis, Danny Masterson, Jill Filipovic, “ Kutcher, Kunis, Kutcher, Masterson, Danilo Cavalcante, Arick, Scott Stantis, Jeff Yang, Jets Phil Hands, Julian Zelizer, Aaron Rodgers ’, ” Don’t, Nick Anderson, Tess Taylor, Tommy Tuberville, Mahnaz, Roxanne Jones, Coco Gauff, Amanda Tyler, Lara Setrakian, Paul Hockenos, Don Lincoln, Sophia Nelson, Tim Scott, Kenneth Branagh, Agatha Christie’s, Hercule Poirot, Noah Berlatsky, Poirot, Branagh, Sara Stewart, Winona Ryder Organizations: CNN, US, Marine Corps, Third Army, Vostochny, Twitter, Defamation League, Agency, Caucus, Republicans, Democrats, White, North, Putin, AP, Senate, Hollywood, Motors, Ford, Chrysler, Dodge, Peugeot, United Auto Workers, UAW, “, Federal Reserve, Conference Board, Ninth, Academy Museum of Motion Pictures, REUTERS, Reuters, Apple, European Union, Jets, Boston Red Sox, The Chicago Cubs, The New York Jets, New York Jets, MetLife, Tribune, Studios Locations: China, Washington, New Mexico, Detroit, Russia’s, South Africa, Hunter Biden’s, Albuquerque, Bernalillo County, Russia, Ukraine, ”, Los Angeles , California, U.S, Aude, Pennsylvania, Brazil, Cupertino , California, Iran, New Texas, Venice

☆ These 3 charts show Americans aren't feeling great about the economy
▼ + stars: | 2023-08-29 | by ( Phil Rosen | ) www.businessinsider.com time to read: +3 min

US consumer confidence dropped more than expected in August, the Conference Board said. These three charts show how Americans are feeling about the economy. Get the inside scoop on today’s biggest stories in business, from Wall Street to Silicon Valley — delivered daily. The Conference Board reported Tuesday that its consumer confidence gauge fell to 106.1 in August, below Bloomberg estimates and a fresh three-month low. The chart below shows that an increasing share of respondents said they feel "bad" about their current situation, while those who said they feel "good" decreased.

Persons: Dana Peterson, Peterson Organizations: Conference Board, Service, Board, Bloomberg, Conference, Consumers, Bureau of Labor Statistics Locations: Wall, Silicon

☆ Americans are getting a little worried about inflation
▼ + stars: | 2023-08-29 | by ( Bryan Mena | ) edition.cnn.com time to read: +3 min

Washington, DC CNN —Americans felt more pessimistic about the economy in August, following two straight months of growing confidence. That would make it extremely hard for the Fed to bring inflation back down to 2%. Consumer attitudes are sometimes a bellwether for spending, which is mainly what economists focus on since consumer spending accounts for about two-thirds of economic output. That’s because the US economy’s strength might not be consistent with 2% inflation, the Fed’s inflation goal. But both the economy and job market also remain on strong footing, and that’s helping to keep inflation elevated.

Persons: ”, Dana Peterson, “, Jerome Powell Organizations: DC CNN, Conference Board, Labor, University of, Federal Reserve, Fed, Street, Kansas City, Atlanta Fed, Commerce Department Locations: Washington

☆ Treasury yields drop after new data shows consumer confidence waning
▼ + stars: | 2023-08-29 | by ( Sophie Kiderlin | In | ) www.cnbc.com time to read: +2 min

At 1:05 pm ET, the yield on the 10-year Treasury fell 10 basis points to 4.112%. The 2-year Treasury yield was last trading at 4.88% after falling by 17 basis points. The Conference Board said its consumer confidence index came in at 106.1. The Conference Board also said average inflation expectations for the next 12 months increased, pressuring overall confidence, while the short-term outlook for income, business and labor market conditions declined. Speaking at the central bank's annual Jackson Hole symposium, Powell said that while inflation has fallen, it remains too high.

Persons: Dow Jones, Dana Peterson, Jerome Powell, Powell Organizations: New York Stock Exchange, Treasury, Board, Conference Board, Traders, Federal Locations: New York City, Jackson

He called the U.S. central bank's misreading of the issue "a major failure" that can mar analysis of where the economy stands. Since 2016, policies from the vastly different Trump and Biden administrations have combined in a sort of accidental complementarity to keep both job and economic growth above the Fed's estimate of potential. Median Fed policymaker projections of potential U.S. economic growth have slid from a level around 2.5% a decade ago to 1.8% as of June 2023, when the last projections were issued. Under pressure from colleagues to raise interest rates as the economy accelerated, Greenspan resisted and accommodated the expansion instead of fighting it. But it could help economic growth continue even as prices cool, another prop for the "soft landing" the Fed hopes to engineer and possible evidence of rising potential.

Persons: John Williams, Joe Biden, Adam Posen, Donald Trump, Trump's, Biden, Dana Peterson, Peterson, Jerome Powell, Board's Peterson, Alan Greenspan's, Greenspan, Jackson, John Fernald, Huiyu Li, Michael Feroli, Antulio Bomfim, Powell, Howard Schneider, Paul Simao Organizations: Federal Reserve, New York Fed, San Francisco, Fed, Reuters, BlackRock, Bank of England, Peterson Institute for International Economics, Trump, Biden, Conference Board, Jackson, San Francisco Fed, JPMorgan, Trust Asset Management, Thomson Locations: U.S, Jackson Hole , Wyoming, Washington

In the past, he would have swiftly chopped 10% of the workers that run his bag-making machines, or about 15 people. Faced with the tightest job market in decades, many have become less trigger-happy with layoffs, even in the face of a cooling economy. But, so far, the economy has continued to grow, albeit more slowly, and the job market has powered onward. Reuters Graphics'HOLD ONTO YOUR LABOR FORCE'At least one major company has adopted a formal strategy of hoarding workers. "I don't think it's the case that many businesses are holding onto workers who are idle," she said.

Persons: Kevin Kelly, Nathan Frandino, Kelly, Alan H, Shaw, they're, Dana Peterson, Peterson, Arnold Kamler, Julia Pollak, Thomas Simons, We're, Timothy Aeppel, Dan Burns, Paul Simao Organizations: Emerald Packaging, REUTERS, Packaging, Employers, Federal Reserve, Labor, Reuters Graphics, Norfolk, Reuters, U.S, Survey, Labor Department, Conference Board, Business Council, Kent International, Jefferies, Thomson Locations: California, Union City , California, U.S, San Francisco, Norfolk Southern, downturns, Atlanta, New York, South Carolina, rehire, Los Angeles

☆ A consumer spending slowdown is coming in the second half of 2023
▼ + stars: | 2023-08-03 | by ( Ian Thomas | ) www.cnbc.com time to read: +4 min

Right now, Peterson says, the data suggests that consumers are spending across the economy and consumer sentiment has taken a turn for the better. "For most of this year, consumers were saying right now is okay, but we're worried about the future; we think a recession is coming." Peterson's first area of concern relates to the aggressive interest rate hikes made by the Federal Reserve over roughly the past year and a half, 11 rate hikes that have taken its benchmark rate above 5%. The "lagged effects of interest rate hikes will start hitting consumer spending," Peterson said. "Certainly, for the second half of the year, we're going to see slower consumer spending," Peterson said.

Persons: Dana Peterson, Peterson, Kate Rogers, cardholders, Ryan McInerney, Ramon Lagurta, there's, Jamie Dimon, we're, Jerome Powell Organizations: Conference Board, CNBC, CNBC's, PepsiCo, Federal Reserve, JPMorgan, U.S . Department of Education

☆ Despite brighter outlook, most CEOs anticipate an economic downturn, survey finds
▼ + stars: | 2023-08-03 | by ( ) www.cnbc.com time to read: 1 min

Share Share Article via Facebook Share Article via Twitter Share Article via LinkedIn Share Article via EmailDespite brighter outlook, most CEOs anticipate an economic downturn, survey findsDana Peterson, The Conference Board chief economist, joins 'Squawk Box' to discuss a new survey of close to 150 CEOs from Fortune 500 companies, which showed that while CEO confidence is improving, executives are still cautious about the state of the economy.

Persons: Dana Peterson Organizations: The Conference Board, Fortune

☆ Americans haven't felt this good about the economy in 2 years
▼ + stars: | 2023-07-25 | by ( Phil Rosen | ) www.businessinsider.com time to read: +3 min

The Conference Board's consumer confidence gauge just hit its highest level in two years. The Conference BoardAmericans have rosier views of the labor market, the data showed, and more people reported feeling "good" about family finances while fewer reported feeling "bad." "[B]oth indicators are on an upswing as consumers take positive signals from the resilient labor market and receding inflation in recent months," the Barclays analysts wrote. The improving economic outlook reflects easing inflation and the ongoing resilience of the labor market, Peterson said. "This likely reveals consumers' belief that labor market conditions will remain favorable."

Persons: Dana Peterson, Peterson Organizations: Service, Privacy, Conference, Conference Board, Barclays, University of Michigan, Federal Reserve Locations: Wall, Silicon

☆ US consumer confidence jumps to highest level since July 2021
▼ + stars: | 2023-07-25 | by ( Alicia Wallace | ) edition.cnn.com time to read: +4 min

Minneapolis CNN —High interest rates aren’t souring Americans’ moods: A key measurement of consumer confidence just shot up to a level not seen since July 2021. The Conference Board’s monthly Consumer Confidence Index hit 117 in July, rising from 110.1 the month before, according to new data released Tuesday. The Conference Board’s confidence index and the University of Michigan’s twice-a-month consumer sentiment index are two leading gauges of consumers’ attitudes toward the current and future strength of the economy. Consumer spending, which is a key driver of US economic activity, has eased somewhat in recent months but remains resilient. The Commerce Department on Friday will release the latest data on consumer spending alongside a critical inflation gauge for the Fed.

Persons: ”, Dana Peterson, “, Nathan Howard, ” Ryan Sweet, Chris Rupkey, FwdBonds, Barbie Organizations: Minneapolis CNN —, Conference Board, Washington , D.C, Bloomberg, Getty, University of Michigan’s, Oxford Economics, ‘ Times, Commerce Department, Fed Locations: Minneapolis, Georgetown, Washington ,, Michigan, America

☆ US consumer confidence races to two-year high; house prices rising
▼ + stars: | 2023-07-25 | by ( Lucia Mutikani | ) www.reuters.com time to read: +4 min

Summary Consumer confidence index increases to 117.0 in JulyLabor market differential rises to 37.2 from 32.5 in JuneHouse prices continue upward trend in MayWASHINGTON, July 25 (Reuters) - U.S. consumer confidence increased to a two-year high in July amid a persistently tight labor market and receding inflation, bolstering the economy's prospects in the near term. That supports economists' views that consumer spending was flattening out after rising at its fastest pace in two years in the first quarter. The Conference Board's consumer confidence index increased to 117 this month, the highest reading since July 2021, from 110.1 in June. TIGHT LABOR MARKETThe survey's so-called labor market differential, derived from data on respondents' views on whether jobs are plentiful or hard to get, increased to 37.2 this month from 32.8 in June, a sign labor market conditions remain tight despite job growth slowing. And while more households planned to buy houses, they could run into affordability challenges as tight supply pushes up prices.

Persons: Robert Frick, Dana Peterson, Lisa Sturtevant, Lucia Mutikani, Paul Simao Organizations: Labor, Conference, Federal Reserve, Consumers, Navy Federal Credit Union, The, Reuters, University of, Conference Board's, Fed, Federal Housing Finance Agency, Bright MLS, Thomson Locations: WASHINGTON, Vienna , Virginia, U.S

☆ There are more women in the workforce than ever before
▼ + stars: | 2023-07-07 | by ( Alicia Wallace | ) edition.cnn.com time to read: +5 min

Women’s labor force participation has rebounded from the pandemic “she-cession” and returned to its pre-pandemic form of making progressively historic labor market gains. By February of 2020, the labor force participation rate for prime working-age women was 77% — just shy of the record 77.3% set during the dot-com era, BLS data shows. The pandemic walloped the leisure and hospitality and education and health services sectors, where women make up the majority of the workforce. The economic evolution and recovery from the pandemic helped accelerate favorable drivers for women to enter the workforce. Separately, new research shows that although women were outnumbered by men in the US workforce, women could be disproportionately affected by businesses’ adoption of generative AI: One recent analysis estimates that 79% of working women (nearly 59 million) are in occupations susceptible to disruption and automation.

Persons: ” Julia Pollak, ZipRecruiter, “, ” Pollak, Allison Joyce, didn’t, they’re, That’s, University of North Carolina’s, Dana Peterson, we’ve, ”, ” —, Jeanne Sahadi Organizations: Minneapolis CNN, of Labor Statistics, Bloomberg, Getty, Baby Boomers, Pew Research Center, University of North, University of North Carolina’s Kenan, Flagler Business School, Conference Board, CNN Locations: Minneapolis, America, Bolivia , North Carolina

☆ US consumer spending hits speed bump; inflation picture mixed
▼ + stars: | 2023-06-30 | by ( Lucia Mutikani | ) www.reuters.com time to read: +6 min

Economists polled by Reuters had forecast consumer spending, which accounts for more than two-thirds of U.S. economic activity, rising 0.2%. When adjusted for inflation, consumer spending was unchanged. Data for April was revised lower to show the so-called real consumer spending rising only 0.2% instead of 0.5% as previously reported. With consumer spending softening, inflation subsided. The so-called core PCE price index increased 4.6% on a year-on-year basis in May after advancing 4.7% in April.

Persons: Kevork, Sal Guatieri, Joe Biden's, Mike Graziano, Morgan Stanley, Dana Peterson, Lucia Mutikani, Jonathan Oatis Organizations: Walmart, REUTERS, Commerce, Reserve, BMO Capital Markets, Reuters, Services outlays, Treasury, RSM, Fed, Conference Board, Thomson Locations: Los Angeles, WASHINGTON, U.S, Toronto, Outlays, New York, Washington

☆ Americans are feeling far more confident about the economy
▼ + stars: | 2023-06-27 | by ( Alicia Wallace | ) edition.cnn.com time to read: +1 min

Minneapolis CNN —Americans are feeling fairly bullish about the United States’ economic prospects: A key measurement of consumer confidence just jumped to its highest level since January 2022. The Conference Board’s Consumer Confidence Index was 109.7 in June, rising from 102.5 the month before, according to a report released Tuesday. The latest survey from the business research and membership organization continued to show that consumers retained a far sunnier outlook about the present than what could come in the months ahead. Both the present situations index and the expectations index rose from May; however, the latter remains at a level that flashes a recession warning signal, the Conference Board noted. Still, consumers indicated their plans to purchase homes and cars have slowed, and they’re pulling back more on vacation plans, including travel domestically.

Persons: ” Dana Peterson, ” Peterson Organizations: Minneapolis CNN, Conference Board Locations: Minneapolis, United States

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