Consumers in June show mixed feelings about the labor market, positive numbers in new home sales

Consumer confidence reports from last month in June were a mixed bag, a June survey showing consumers gave themselves a 47.6% chance of finding a job in the next three months, on average, down from May.

Respondents said they believe there is just a 9.8% chance of their missing an impending minimum debt payment – the lowest in the series’ history.

The June Survey of Consumer Expectations, a monthly survey conducted by the Federal Reserve Bank of New York, found that consumers overall were getting more confident in the economy by the end of the spring (before the recent surge in coronavirus cases) but largely remained cautious about their short-term prospects.

Another report from John Burns Real Estate Consulting, LLC, which provides independent research and consulting services related to the US housing industry, set expectations for a sweeping gain for the new home industry to end the spring, ahead of next week’s official new home sales data for June.

According to the report, sales of newly constructed homes rose a significant 55% in June from the same month in the previous year.

Sales of new homes bounced back strongly and quickly this Spring, in part because of the timely way in which they’re tallied but also likely because of a partial consumer shift towards a preference for new, never-lived-in homes.