The Conference Board has reported that Consumer Confidence, after registering higher in May, came in stronger still in June. The Present Situation Index, describing confidence in the immediate economic situation, increased to 69.2 from 64.8 while the Expectations Index, covering confidence about the next several months, improved to 89.5 from 80.6 in May.
Overall, the Index now stands at 81.4, up from 74.3 in May. An index score of 90 suggests a healthy economy.
In the consumer assessment of the current economic situation, those stating business conditions are good held steady at 19.1% in June, while those saying business conditions are bad decreased to 24.9% from 26%. The proportion of consumers who described the number of jobs available as plentiful increased to 11.7% from 9.9%, although those contending jobs are hard to get edged up to 36.9% from 36.4%.
Lynn Franco, director of economic indicators at The Conference Board, commented in releasing the data, “Consumer Confidence increased for the third consecutive month and is now at its highest level since January 2008, Index 87.3. Consumers are considerably more positive about current business and labor market conditions than they were at the beginning of the year. Expectations have also improved considerably over the past several months, suggesting that the pace of growth is unlikely to slow in the short-term, and may even moderately pick up.”