Conference Board News Release (06/24/14)

The Conference Board Consumer Confidence Index, which had increased in May, improved further in June. The index now stands at 85.2, up from 82.2 in May. The Present Situation Index increased to 85.1 from 80.3, while the Expectations Index rose to 85.2 from 83.5.

“Consumer confidence continues to advance and the index is now at its highest level since January 2008,” says Lynn Franco, director of economic indicators at the Conference Board. “June’s increase was driven primarily by improving current conditions, particularly consumers’ assessment of business conditions. Expectations regarding the short-term outlook for the economy and jobs were moderately more favorable, while income expectations were a bit mixed. Still, the momentum going forward remains quite positive.”

Consumers’ appraisal of current conditions improved in June. Those claiming business conditions are “good” increased to 23.0% from 21.1%, while those stating business conditions are “bad” decreased to 22.8% from 24.6%. Consumers’ assessment of the job market was also more favorable. Those stating jobs are “plentiful” edged up to 14.7% from 14.2%, while those claiming jobs are “hard to get” declined to 31.8% from 32.2%.