United States: Consumer confidence strong at an over five year-high
June 25, 2013
In June, the Conference Board consumer confidence index rose to 81.4 points from the revised 74.3 points seen in May. The reading represents the highest level recorded since January 2008 and surprised the market on the upside, as analysts expected the index to rise only to 75.0 points.
The monthly print was mainly driven by a sharp rise in consumers' expectations regarding their personal finances over the next 12 months. Surveyed households also expressed a more positive outlook regarding their current financial situation. In addition, respondents' assessment of future job market improved, with more people seeing more jobs six months from now.
According to the Conference Board, results from June point to an improvement in consumers' assessment of the economy, in particular noting that, "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".