The Consumer Confidence Index rose in June, sponsor The Conference Board announced. The index now stands at 85.2, up from 82.2 in May.
The Present Situation Index, addressing current conditions, increased to 85.1 from 80.3 in May, while the Expectations Index, addressing near future conditions, rose to 85.2 from 83.5 last month.
In June, the proportion of consumers claiming business conditions are “good” increased to 23% from 21.1%, while those stating business conditions are “bad” decreased to 22.8% from 24.6%. Consumers stating that jobs are “plentiful” edged up to 14.7% from 14.2%, while those claiming jobs are “hard to get” declined to 31.8% from 32.2%.
The percentage of consumers expecting business conditions to improve over the next six months advanced to 18.8% in June from 17.7% in May. However, those expecting business conditions to worsen gained as well, to 11.4% from 10.7%.
In announcing the latest findings, Lynn Franco, director of economic indicators at The Conference Board, said, “Consumer confidence continues to advance and the index is now at its highest level since January 2008. June’s increase was driven primarily by improving current conditions, particularly consumers’ assessment of business conditions. Expectations regarding the short-term outlook for the economy and jobs were moderately more favorable, while income expectations were a bit mixed. Still, the momentum going forward remains quite positive.”