The university of Michigan report released on Friday showed confidence among American consumers in June eased from an almost one-year high as favorable views about personal finances were offset by concerns about the economy.
Consumers rated their current financial situation stronger than at any time since 2007, reflecting improved wage gains and low inflation that may encourage them to spend. The survey also showed a 10 percentage point decrease in net unfavorable responses to job creation, a sign May’s disappointing payrolls figure will prove temporary.
However the decline in consumers’ long-term inflation expectations gives Federal Reserve policy makers room to hold the line on interest-rate increases.
Brexit news and rumours again dominated the tabloids over the weekend as the Labour remain campaign will push today with former prime minister Gordon Brown speaking and setting out the case to “lead, not leave” the EU.
Browns final 10-day push will be the centre-piece of a day of events led by Labour but carefully choreographed with No 10, amid fears that without a strong remain verdict from labour voters the referendum could be lost.
After weeks of warnings about the risks of leaving the EU, Labour now hopes to switch the arguments to the benefits of staying in. Brown will use the speech in Leicester to set out a series of reforms he believes Britain could achieve when it takes over the EU presidency of the council of ministers in the second half of next year, including action on tax havens and an EU “solidarity fund” to help communities facing a rapid influx of migrants. “Today I am setting out a positive agenda for Labour voters – reasons why Labour voters should vote remain and the patriotic case for remaining in Europe,” he will say
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