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The Conference Board’s U.S. consumer confidence index rose in June for the third consecutive month, reaching its highest level since January 2008. The index now stands at a reading of 81.4 (1985=100), up from 74.3 in May.
“Consumers are considerably more positive about current business and labor market conditions than they were at the beginning of the year,” said Lynn Franco, director of economic indicators at The Conference Board. “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.”
The number of consumers anticipating more jobs in the months ahead rose to 19.6 percent in June from 16.3 percent in May, according to the index’s survey. Those expecting fewer jobs decreased to 16.1 percent from 20.0 percent.
The percentage of people saying business conditions are “good” held steady at 19.1 percent in June. Consumers’ expectations regarding the short-term outlook improved again; the percentage of consumers expecting business conditions to improve over the next six months increased to 20.3 percent in June from 18.7 percent in May.