The consumer confidence index increased to 118.9 in June from a revised 117.6 last month, The Conference Board reported Tuesday.
The May index was originally reported as 117.9.
Economists polled by Thomson Reuters predicted a 116.0 reading for the index.
The present situation index rose to 146.3 from a revised 140.6, first reported as 140.7, while the expectations index dropped to 100.6 from a revised 102.3, first reported as 102.6.
“Consumer confidence increased moderately in June following a small decline in May,” said Lynn Franco, director of economic indicators for 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.”
Business conditions were called “good” by 30.8% of respondents in June, up from 29.8% of respondents in May. Those saying conditions are “bad” fell to 12.7% from 13.9%.
The percentage of consumers expecting a pickup in business conditions in the next half year fell to 20.4% from 21.5%, while 9.9% said they expect conditions to worsen, down from 10.3% in the prior month.
On the jobs front, those who believe jobs are “plentiful” rose to 32.8% in June from 30.0% in May, while the number saying jobs are “hard to get” fell to 18.0% from 18.3%. The respondents who see fewer jobs becoming available in a half year, rose to 14.6% from 12.1%. Those expecting more jobs to become available grew to 19.3% from 18.6%, The Conference Board reported.
The consumer confidence survey is based on a probability design random sample by the Nielsen Company.
