Report: Consumer Confidence Grew in June
A gauge of American consumer confidence has delivered sunny news in an otherwise glum week for the global markets. A private sector report released today by the Conference Board showed the confidence index rising to 101.4 in June, a healthy uptick from last month's 94.6 and on par with March's results. Improving consumer sentiment has lagged behind impressive growth in the labor market. But analysts have insisted it would turn a corner with warm summer weather and continued, albeit slightly diminished, relief at the gas pump.
However, fallout from the Greek drama as it crescendos to an increasingly likely exit from the eurozone could cause stock market shudders that trickle down to the retail sector. While Greece continues to steal the show, a slowdown in China and debt crisis in Puerto Rico have also made clear the fragility of the global economy.