As businesses across the U.S. begin reopening after a long three months of COVID-19 lockdowns, a trusted consumer index score shows that consumer confidence is slowly starting to creep back up following its plunge at the beginning of March.
According to the University of Michigan’s consumer sentiment index, the month of June saw a 9 percent increase in scores, going from 72.3 in May to 78.9 in June. The month of April saw the lowest drop, where consumer sentiment fell from normal heights of around 100 in February and March.
The steady turnaround in consumer sentiment is closely linked to the falling unemployment rate in the U.S. as people regain their furloughed jobs after months of lockdowns. While an increase in employment does help boost consumer confidence, many still expect harsh economic conditions to continue. Experts around the country are telling people to brace for a long, slow recovery that could last years.
Despite this uptick in consumer sentiment, the index score is still near record-lows and could stay there for the rest of the year if lockdowns are forced to resume.
