The Conference Board Consumer Confidence Index, which had decreased in May, improved in June. The index now stands at 98.0 (1985=100), up from 92.4 in May.
The Present Situation Index increased from 113.2 to 118.3, while the Expectations Index rose from 78.5 to 84.5 in June.
Consumers’ appraisal of current conditions improved in June. Those stating business conditions are “good” increased slightly, from 26.1% to 26.9%, while those saying business conditions are “bad” decreased from 21.4% to 17.7%.
Consumers’ assessment of the labor market was mixed. Those claiming jobs are “plentiful” declined from 24.5% to 23.4%; however, those claiming jobs are “hard to get” also decreased from 24.5% to 23.3%.
Consumers’ optimism regarding the short-term outlook improved in June. Those expecting business conditions to improve over the next six months increased from 15.0% to 16.8%, while those expecting business conditions to worsen decreased slightly, from 11.7% to 11.4%.
Consumers’ outlook for the labor market was more favorable than last month. The percentage anticipating more jobs in the months ahead increased from 12.5% to 14.2% while those anticipating fewer jobs decreased marginally from 18.2% to 17.9%.
The proportion of consumers expecting their incomes to increase improved from 16.5% to 18.2%, while the proportion expecting a reduction edged down from 12.6% to 11.5%.
“Consumer confidence rebounded in June, after declining in May,” said Lynn Franco, director of economic indicators at The Conference Board. “Consumers were less negative about current business and labor market conditions, but only moderately more positive, suggesting no deterioration in economic conditions, but no strengthening either.
“Expectations regarding business and labor market conditions, as well as personal income prospects, improved moderately. Overall, consumers remain cautiously optimistic about economic growth in the short-term,” Franco said.
The monthly Consumer Confidence Survey, based on a probability-design random sample, is conducted for The Conference Board by Nielsen, a leading global provider of information and analytics around what consumers buy and watch.
The cutoff date for the preliminary results was June 16.