Consumer confidence ticked back up in June, posting a 118.9 reading in the latest Consumer Confidence Index® from The Conference Board. The Expectations reading of the Index fell to 100.6, while the Present Situation reading rose to 146.3. May’s reading was 117.6.
“Consumer confidence increased moderately in June following a small decline in May,” said Lynn Franco, director of Economic Indicators at The Conference Board, in a statement. “Consumers’ assessment of current conditions improved to a nearly 16-year high. Expectations for the short-term have eased somewhat, but are still upbeat. Overall, consumers anticipate the economy will continue expanding in the months ahead, but they do not foresee the pace of growth accelerating.”
The percentage of consumers who believe business conditions are “good,” as defined by the Index, increased from 29.8 percent in May to 30.8 percent in June; the percentage of those who believe business conditions are “bad,” decreased from 13.9 percent in May to 12.7 percent in June. The percentage of those who expect business conditions to improve decreased from 21.5 percent in May to 20.4 percent in June; the percentage of those who expect business conditions to worsen also decreased, from 10.3 percent in May to 9.9 percent in June.
The percentage of consumers who believe jobs are “plentiful” increased from 30 percent in May to 32.8 percent in June, according to the Index; the percentage of those who believe jobs are “hard to get” decreased, from 18.3 percent in May to 18 percent in June. The percentage of those who expect more jobs in the coming months increased from 18.6 percent in May to 19.3 percent in June; the percentage of those who expect less jobs in the coming months, however, also increased, from 12.1 percent in May to 14.6 percent in June.
The percentage of consumers who expect higher incomes, as well, increased from 19.1 percent in May to 22.2 percent in June; the percentage of those who expect a decrease also increased, from 8.7 percent in May to 9.2 percent in June.
Source: The Conference Board
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