Consumers Upbeat About Economy

New York City, Consumer confidence in the economy rebounded over the last month, suggesting that people are taking still-elevated gasoline prices and the presence of even higher borrowing costs in stride. The RBC CASH Index, based on results from the international polling firm Ipsos, showed that confidence was at 84.1 in early June, a big improvement from May's reading of 67.1, a seven-month low. June's number marked a return to a more normal reading for the confidence barometer since consumer confidence stood at 84 a year ago. “In spite of high energy costs and all the uncertainties around them, consumers are holding in there. It’s still a decent economy,” Joel Naroff, president of Naroff Economic Advisors, told the Associated Press. “Consumers seem to be weathering a lot of storms out there.”

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