Consumer confidence hits 6-year high in June

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Consumer confidence climbed again in June and is at its highest level in more than six years.

The Conference Board reported Tuesday that its index rose to 85.2 from 82.2 the previous month, the best since early 2008.

“Consumer confidence continues to advance, and the index is now at its highest level since January 2008 (87.3),” The Conference Board director of economic indicators Lynn Franco said in a statement. “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.”

Consumers’ appraisal of current conditions improved in June. Those who said business conditions are “good” increased to 23 percent from 21.1 percent, and those who said conditions are “bad” decreased to 22.8 percent from 24.6 percent. Consumers’ assessment of the job market also was more favorable. Those who said jobs are “plentiful” edged up to 14.7 percent from 14.2 percent, and those who said jobs are “hard to get” declined to 31.8 percent from 32.2 percent.

Consumers’ appraisal of current conditions improved in June. Those who said business conditions are “good” increased to 23 percent from 21.1 percent; those who said conditions are “bad” decreased to 22.8 percent from 24.6 percent.

Consumers’ assessment of the job market also was more favorable. Those who said jobs are “plentiful” edged up to 14.7 percent from 14.2 percent, and those who said jobs are “hard to get” declined to 31.8 percent from 32.2 percent.

Consumers’ expectations were generally more positive in June. The percentage of consumers who expect business conditions to improve during the next six months increased to 18.8 percent from 17.7 percent. However, those who expect business conditions to worsen increased to 11.4 percent from 10.7 percent.

Consumers were more positive about the outlook for the labor market. Those who anticipate more jobs in the months ahead increased to 16.3 percent from 15.2 percent, and those who anticipate fewer jobs edged down to 18.7 percent from 18.9 percent. Fewer consumers expect their income to grow, 15.9 percent versus 18.0 percent, but those who expect a drop in their income also declined, to 12.1 percent from 14.5 percent.

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