United States: Consumer confidence reaches six-and-a-half year high in June
June 24, 2014
The Conference Board consumer confidence index rose from 82.2 points in May (previously reported: 83.0 points) to 85.2 points in June. The reading, which beat market expectations of a rise to 83.5, marked the highest point since January 2008, which was just when the recession was beginning.
June’s rise in confidence was driven by a strong improvement in consumers’ assessments of current economic conditions. Consumers' expectations regarding their personal finances over the next 12 months and their outlook on the future job market were also more favorable.
The director of the Board explained that, “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.”
Author: Carl Kelly, Economist