Consumer confidence ticks up as gas prices fall but Americans remain gloomy about the economy

WASHINGTON (AP) — Americans’ attitudes toward the economy improved slightly this month as gas prices declined, but their outlook is still mostly negative by historical standards.

The Conference Board said Tuesday that its consumer confidence index rose 0.6 point to 91.2 in June, a figure that is still below its year-ago reading of 95.2.

Consumer attitudes worsened after the Iran war caused oil and gas prices to spike, accelerating inflation and causing Americans’ inflation-adjusted incomes to decline. Before the pandemic, the index regularly topped 120.

Still, Americans have continued to spend despite their dour outlook, which has kept the economy growing even as inflation accelerated.