United States: Consumer confidence jumps up in June
June 30, 2015
The Conference Board consumer confidence index jumped up to 101.4 points in June from a revised 94.6 points in May (previously reported: 95.4 points). June’s result overshot market expectations of a rise to 97.4 points and comes as good news after only a modest gain was recorded in May
June’s significant increase in confidence was mainly driven by an improvement in consumers’ sentiment regarding business conditions over the next six months. Consumers’ expectations regarding current economic conditions and their outlook on the future of the job market also improved.
The director of the Board explained that, “over the past two months, consumers have grown more confident about the current state of business and employment conditions. In addition, they are now more optimistic about the near-term future. Overall, consumers are in considerably better spirits and their renewed optimism could lead to a greater willingness to spend in the near-term.”
Author: Carl Kelly, Economist