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Consumer confidence hits six-year high in June

June 24, 2014

The Conference Board’s U.S. consumer confidence index improved again in June after increasing in May. The index now stands at a reading of 85.2 (1985=100), up from 82.2 in May.

“Consumer confidence continues to advance and the index is now at its highest level since January 2008 (87.3),” said Lynn Franco, director of economic indicators at The Conference Board. “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.”

The number of consumers anticipating more jobs in the months ahead increased to 16.3 percent in June from 15.2 percent in May, according to the index’s survey, while those expecting fewer jobs edged down to 18.7 percent from 18.9 percent.

Those saying jobs are “plentiful” edged up to 14.7 percent from 14.2 percent in the previous month’s survey; those claiming jobs are “hard to get” decreased to 31.8 percent from 32.2 percent.