The Conference Board Consumer Confidence Index increased to 118.9 in June, rebounding from declines in the two preceding months. The Present Situation Index rose 5.7 points to 146.3, the second consecutive monthly increase. The Expectations Index declined for the third straight month, falling 1.7 points to 100.6.
“Consumer confidence increased moderately in June following a small decline in May,” said Lynn Franco, Director of Economic Indicators at The Conference Board. “Consumers’ assessment of current conditions improved to a nearly 16-year high (July 2001, 151.3). Expectations for the short-term have eased somewhat, but are still upbeat. Overall, consumers anticipate the economy will continue expanding in the months ahead, but they do not foresee the pace of growth accelerating.”
Consumers’ labor market outlook remained mixed during June. The percentage of consumers expecting more jobs in the coming months increased from 18.6% to 19.3%, but the share anticipating fewer jobs increased from 12.1% to 14.6%. Income expectations rose, as 22.2% of consumers expected their incomes to increase in coming months, up from 19.1% in May.