Following is a breakdown of several of these data points with some help from our friends at Passant Gardant.

Consumer Confidence

The Conference Board Consumer Confidence Index came in at 109.7 versus an expectation of 104. Last month, Consumer Confidence was 102.3.

"Consumer confidence improved in June to its highest level since January 2022, reflecting improved current conditions and a pop in expectations," Conference Board chief economist Dana Peterson said. "Greater confidence was most evident among consumers under age 35, and consumers earning incomes over $35,000. Nonetheless, the expectations gauge continued to signal consumers anticipating a recession at some point over the next 6 to 12 months."

But what exactly is driving consumer confidence higher?

Lower inflation expectations.

And lower inflation expectations were primarily driven by a big drop in energy prices. Gasoline prices are down over 20% from this time last year.

Falling gasoline prices aren't a sign of a healthy economy. In fact, the expectation of a recession has put a drag on oil prices.