US consumer confidence edges lower in June, University of MIchigan says

Americans grew a bit more confident in June, albeit not by as quite as much as expected, the results of a closely-followed survey revealed.

The University of Michigan's consumer confidence index increased from May's print of 82.9 to 85.5 at the end of June.

The latter was lower than a preliminary reading of 86.4 and beneath economists' forecasts for a print of 86.8.

Nevertheless, it was still the second strongest reading since the start of the Covid-19 pandemic.

Survey director, Richard Curtin, said: "When the pandemic first began, consumers were quite uncertain about their job and income prospects, but reported widespread declines in market prices for homes, vehicles and household durables.

"Those favorable price references have dropped to the most negative in a decade, and job and income prospects have improved, but not quite as favorable as in the last few years of the prior expansion."

Expectations for longer-term inflation did slip back however, from 3.0% in May to 2.8% in June.

Over the next year on the other hand, inflation was seen advancing by 4.2%.