From Home Furnishing Business
Consumer Confidence at 6-Year High
Consumers are more confident than they have been since Jan. 2008 prior to when the big recession hit full force.
The Conference Board's Consumer Confidence through June 13—the latest data available—is at 85.2. That's up from 82.2 in May and the highest it's been since Jan. 2008 when the index was at 87.3.
The present situation index rose to 85.1 from 80.3, while the expectations index went to 85.2 from 83.5 in May.
"June's increase was driven primarily by improving current conditions, particularly consumers' assessment of business conditions," said Lynn Franco, director of economic indicators for the Conference Board. "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" went to 23 percent from 21.1 percent, while those stating business conditions are "bad" fell to 22.8 percent from 24.6 percent. Consumers' assessment of the job market was also more favorable.Those stating jobs are "plentiful" edged up to 14.7 percent from 14.2 percent while those claiming jobs are "hard to get" fell to 31.8 percent from 32.2 percent.
Consumers' expectations were more positive in June. The percentage of consumers expecting business conditions to improve over the next six months rose to 18.8 percent from 17.7 percent.