A report released by the US economic research organization Conference Board on Tuesday showed a modest increase in its US consumer confidence index for the month of June.
The Conference Board said its consumer confidence index inched up to 91.2 in June from a downwardly revised 90.6 in May.
Economists had expected the consumer confidence index to rise to 94.8 from the 93.1 originally reported for the previous month.
"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.
The report said the present situation index, which is based on consumers' assessment of current business and labour market conditions, fell to 116.4 in June from 119.4 in May.
"Consumer appraisals of current business conditions were slightly more positive compared to last month," said Peterson. "However, perceptions of the current labour market softened measurably as the percentage of consumers saying jobs were 'hard to get' rose to 22.5%, the highest level since January 2021 (22.8%)."
Meanwhile, the Conference Board said the expectations index, which is based on consumers' short-term outlook for income, business, and labour market conditions, rose to 74.4 in June from 71.4 in May.
"Consumers anticipate little change in the labour market six months from now," said Peterson. "This was offset by improving expectations for business conditions and incomes."
The Conference Board said the survey period for this month's preliminary results was June 1-23, encompassing an extension of the US-Iran ceasefire agreement.
