(Photo: Reuters)
U.S. consumer confidence increased more than economists’ expectations in June to 101.4, according to a private sector survey released on Tuesday. The Conference Board said its index of consumer conference rose matched the revised level gauged in March and higher than a downwardly revised 94.3 in May.
“Consumer confidence improved further in June, following a modest gain in May,” said Lynn Franco, Director of Economic Indicators at The Conference Board. “Over the past two months, consumers have grown more confident about the current state of business and employment conditions.”
Economists had forecast a June reading of 97.3, according to a Reuters poll.
The May figure was initially reported at 95.4, but was downwardly revised for the second consecutive month. The Conference Board’s survey’s hard-to-get jobs index fell to 25.7 last month from May’s downwardly revised 27.2.
“In addition, they are now more optimistic about the near-term future, although sentiment regarding income prospects is little changed,” Franco added. “Overall, consumers are in considerably better spirits and their renewed optimism could lead to a greater willingness to spend in the near-term.”
