U.S. Economic Indicators

The Conference Board’s Consumer Confidence Index increased from 85.9 (revised) in May to 98.1 in June. Consumers’ assessment of current conditions and consumers’ short-term outlook for income, business, and labor market conditions improved from last month. Conference Board Report

U.S. News

The Washington Post reports that with the application window for the Paycheck Protection Program set to close at midnight, lawmakers are now deciding how best to allocate the remaining $130 billion in unused funds. While an extension of the program is a possibility, it seems increasingly likely that leftover funds will be redirected towards more targeted policy efforts that better address the changing needs of small businesses. WaPo

The Financial Times reports that U.S. companies are filing for bankruptcy at their fastest pace since 2013, highlighting the strain on company revenues caused by the coronavirus pandemic and subsequent lockdowns. In addition to rising corporate bankruptcies, there are other signs of growing financial distress in capital markets including increases in the number of companies defaulting on their debt and a near-doubling of companies downgraded to triple C plus since the start of the year. FT