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Consumer Confidence Index increases again in June

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Sentiment upbeat across the spectrum.

The Conference Board Consumer Confidence Index, which had improved moderately in May, increased further in June, rising 7.1% during the month. The Present Situation Index and Expectations Index both also increased, rising 4.2% and 9.7%, respectively.

"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. In addition, they are now more optimistic about the near-term future, although sentiment regarding income prospects is little changed. Overall, consumers are in considerably better spirits and their renewed optimism could lead to a greater willingness to spend in the near-term."

Consumers' assessment of current conditions improved again in June. Those saying business conditions are "good" increased from 24.7% to 26.4%, while those claiming business conditions are "bad" was virtually unchanged at 17.8%. Consumers were also more positive about the job market. Those stating jobs are "plentiful" increased from 20.6% to 21.4%, while those claiming jobs are "hard to get" declined from 27.2% to 25.7%.

Overall, consumers are in considerably better spirits and their renewed optimism could lead to a greater willingness to spend in the near-term."

Consumers' optimism about the short-term outlook also increased in June. The percentage of consumers expecting business conditions to improve over the next six months rose from 16.0% to 18.5%, while those expecting business conditions to worsen decreased from 11.3% to 9.8%.

Consumers' outlook for the labor market was also more upbeat. Those anticipating more jobs in the months ahead increased from 14.7% to 17.8%, while those anticipating fewer jobs declined from 16.6% to 15.1%. The proportion of consumers expecting growth in their incomes was virtually unchanged at 17.5%, while the proportion expecting a decline edged down slightly from 10.7% to 10.2%.

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