US consumer confidence races to 17-month high

The Conference Board said its consumer confidence index rose to 109.7 this month, the highest reading since January 2022, from 102.5 in May. — Reuters

WASHINGTON: US consumer confidence increased in June to the highest level in nearly 1½ years amid renewed labour market optimism, while business spending appeared to hold up in May, indicating the economy remained on solid footing despite fears of a recession.

Hopes that the economy could avoid a downturn in the near-term were also bolstered by other reports on Tuesday signalling a housing market revival was likely underway, with new home sales racing to a 15-month high in May and monthly house prices rising again in April.