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RAPAPORT... The Conference Board's Consumer Confidence Index® rose about four points to 85.2 (1985=100) in June compared with one year ago. In addition, the Present Situation Index increased from 69.2 points to 85.1 points; however, the Expectations Index fell four points to 85.2.
Lynn Franco, the director of economic indicators at The Conference Board, explained that U.S. consumer confidence continued to advance, even on a month-to-month basis, and the index is approaching its highest level since January 2008, when it was 87.3 points. "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,” Franco said. The percent of consumers who claimed that business conditions were good in June was 23 percent, up from 19.1 percent one year ago, while those stating that business conditions were bad decreased to 22.8 percent from 24.9 percent. Consumers’ assessment of the job market found that 14.7 percent believed jobs were “plentiful,” up from 11.7 percent one year ago, while those who claimed that jobs were “hard to get” declined to 31.8 percent from 36.9 percent in June 2013.
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