WalletHub Economic Index Shows Increasing Consumer Sentiment WalletHub Economic Index Shows Increasing Consumer Sentiment
illustration of rising rates

WalletHub Economic Index Shows Increasing Consumer Sentiment

The latest WalletHub Economic Index report has found a significant increase in consumer sentiment.

About the report:

Personal finance site WalletHub has released its June 2023 WalletHub Economic Index report. This national monthly survey asks consumers about their personal financial conditions and other money factors. These 10 components are then compiled to arrive at an overall economic index.

Headlining this month’s report is an 18.4% increase in consumer sentiment between June 2022 and today. What’s more, consumer financial stress improved, falling 10.6% year over year. Similarly, the number of responders who express optimism that their finances would improve in the next six months was up 12.1% compared to June 2022.

Those surveyed had expressed greater confidence in the employment market. Year over year, the number of consumers describing employment opportunities as “abundant” increased by 10%. Respondents were also slightly more confident that they’d have a job in the next six months, with this index component ticking up 2.5%.

Given the increased consumer confidence, it should come as no surprise that respondents were also more likely to be considering large purchases. Compared to last June, the number of consumers expecting to buy a car in the next six months rose by 9% while interest in buying a home increased by 6%.

What they’re saying:

Asked about these latest results and why consumer confidence was rising, Paul Goebel — director of the Student Money Management Center at the University of North Texas — noted, “We are at an interesting economic intersection with inflation and unemployment rates. However, I believe confidence is going up because a growing percentage of consumers are feeling more positive about the state of the economy and their personal financial circumstances.” Goebel added, “This optimism is inherent in the American character. While consumers may face personal financial challenges and lose confidence in the state of the country’s economy in the present, I feel that most consumers share a strong belief that tomorrow is another and better day.”

My thoughts:

It’s impossible to write about this latest report without acknowledging that it comes on a day when the financial lives of millions of Americans could be heavily impacted. Today, the United States Supreme Court struck down President Biden’s student loan forgiveness plan. While student debt was not a direct part of WalletHub’s index, it’s fair to reason that the optimism that some consumers surveyed may have expressed had counted on loan forgiveness. Thus, it will be interesting to see how this index fares in the coming months.


Kyle Burbank

Head Writer ~ Fioney
Kyle is the head writer for Fioney. He is a personal finance nerd, constantly looking for new apps and services to test and incorporate into his own financial game plan. In addition to his role at Fioney, he's written for other publications including Born2Invest, Lifehack, and Laughing Place, as well as his own site Money@30. He also creates personal finance and travel-related videos for Money@30's YouTube channel, which has garnered more than 2 million views. Currently, Kyle resides in Springfield, Missouri with his wife of 10 years. Together, they enjoy traveling (including visiting Disney Parks around the world), dining, and playing with their dog Rigby.

Other Articles by Kyle Burbank

2023 Small Business Credit Card Satisfaction Tops 2019 Highs

The latest small business credit card study from J.D. Power shows satisfaction continuing to rise. About the study and results: This week, J.D Power released its 2023 U.S. Small Business Credit Card Satisfaction Study, which includes responses from more than 3,400 small business credit card customers. In this case, the study looked at businesses with annual revenues between $10,000 and $10 million. First, it was discovered that overall satisfaction among...

Discover Announces 5% Bonus Categories for First Quarter of 2024

With 2024 sneaking up on us, Discover has announced its rotating 5% bonus categories for the first quarter of next year. About the Q1 2024 bonus categories: From January through March 2024, Discover It customers will be able to earn up to 5% back in two categories: restaurants and drugstores. According to the company, the Restaurants category includes full-service establishments, cafes, cafeterias, fast-food locations, and dining delivery services. For the...

Public App Adds Corporate and Treasury Bonds Feature

The FinTech trading app Public has announced new investment options for its members. About the features: Public is now rolling out the ability for customers to invest fractionally in corporate and Treasury bonds. This capability will be introduced on both the mobile and desktop interfaces for the service. According to Public, the addition comes as demand for fixed-income products increases. In addition to these bond types, the app will also...
The "Email" field is empty, you must enter some text to proceed.The text you entered in the "Email" field appears to be invalid, please edit it and try again
Get the Latest News Delivered to Your Inbox

FedEx Announces Winners of 11th Annual 2023 Small Business Grant Contest

Nearly three months after the entry period ended, FedEx has announced the winners of its 11th annual Small Business Grant Content. This year's event saw more than $300,000 in funds going to a variety of small businesses across the nation. Last month, the company revealed 100 finalists, with that list now being narrowed down to just 10 winners. This year's grand prize winners included KindVR, The Cupcake Collection, Up In...
Summer app

Student Loan Benefit FinTech Summer Raises $6 Million

For years, student debt has been one of the most talked about financial topics. What's more, while the debt itself has become a major part of many Americans' lives, discussion of student loans has become political due to efforts to forgive certain loan repayments. However, while we wait for resolution on that front, a FinTech that brings student debt benefit solutions to employers and consumers has raised a new round...
H-E-B and Central Market  credit cards

Imprint Launches Credit Cards from H-E-B and Central Market 

The FinTech Imprint is partnering with the popular Texas-based grocery chain H-E-B for a pair of new rewards credit cards. This week saw the launch of the H-E-B Visa Signature Credit Card as well as the Central Market Visa Signature Credit Card. With these two (nearly identical) options, customers will be able to earn rewards on groceries and beyond. First, both versions of the card earn up to 5% back on select...
Melissa Urban holding a Ness card

Health and Wellness Rewards Card Ness Partners with Whole30

In recent years, several unique rewards cards have come to market. These include offerings from FinTech startups as well as brands looking to do something special for their loyal fans. On that note, a recently-announced rewards credit card offering is now working with a popular brand to introduce new benefits for customers. This week, the Ness Card (which is issued by The Bank of Missouri) unveiled a new partnership with...
Choice Privileges Select Card

Choice Hotels, Wells Fargo Debut Choice Privileges Select Card

With spring well underway and the summer travel season now just around the corner, Choice Hotels and Wells Fargo have unveiled their latest co-branded credit card offering. Today, the two companies announced the Choice Privileges Select Mastercard. Carrying an annual fee of $95, this card will serve as the premium option in the hotel brand's new lineup. Looking at the Choice Privileges Select, it offers a mix of rewards categories....