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.
"Greater confidence was most evident among consumers under age 35, and consumers earning incomes over $35,000," Dana Peterson, chief economic at the Conference Board, said in a statement. "Nonetheless, the expectations gauge continued to signal consumers anticipating a recession at some point over the next 6 to 12 months."
However, Tuesday's report also showed a decline in the number of consumers who are expecting a recession.
Still, consumers indicated their plans to purchase homes and cars have slowed, and they're pulling back more on vacation plans, including travel domestically.
"This is an important indicator of desires to spend on services ahead, which may be a signal that post-pandemic 'revenge spending' on travel may have peaked and is likely to slow over the rest of this year," Peterson said.
This story is developing and will be updated.
