Source: The Conference Board
Consumer confidence grew to its highest level since the COVID-19 pandemic hit in June, as business conditions are widely expected to continue improving in the coming months.
- The Consumer Confidence Index climbed to 127.3 in June, following the upward-revised 120.0 in May. This is the highest since March 2020.
- The Present Situation Index which assesses the prevailing market conditions climbed to 157.7 from 148.7 the previous month.
- The Expectations Index based on the short-term outlook for market conditions increased to 107.0 from 100.9 in May.
- More consumers said business conditions are “good” versus the previous month, while the majority said jobs are “plentiful.”
- Growth was recorded in the proportion of consumers who expect business conditions and short-term financial prospects to improve.
- Less consumers expect more jobs to be available in the coming months.
- The Conference Board Senior Director Lynn Franco said the latest results suggest that economic growth strengthened in the second quarter.
- Consumer spending is expected to spur economic growth as more consumers indicated plans to purchase homes, automobiles, and major appliances.