U.S. consumer confidence at 16-month high; house price inflation heating up

  • Consumer confidence index rises to 127.3 in June
  • Household employment measure surges
  • House prices accelerate on year-on-year basis in April

WASHINGTON, June 29 (Reuters) – U.S. consumer confidence jumped to its highest level in nearly 1-1/2 years in June as growing labor market optimism amid a reopening economy offset concerns about higher inflation.

The survey from the Conference Board on Tuesday also showed a healthy appetite for long-lasting manufactured goods such as motor vehicles and household appliances, suggesting strong momentum in the economy as the second quarter ended.

Consumers were also keen to purchase homes, a sign that house prices will continue to rapidly increase as supply lags. Many intended to go on vacation, mostly in the United States, over the next six months, which should boost demand for services and add fuel to consumer spending.

“Consumers have plenty to be cheerful about after being cooped up at home for more than a year,” said…

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