News Column

Consumer Confidence Climbs to 5-year High

June 25, 2013
consumer confidence -- open wallet

US consumer confidence increased again in June to its highest level in five years as a monthly survey found improved near-term expectations for the economy, the New York-based Conference Board said Tuesday.

The index rose to 81.4 in June from a revised 74.3 in May, the private research group said, compared to an index value of 100 in 1985.

The reading was the highest since February 2008 for the world's largest economy, and marked the third consecutive month of improved confidence.

The long-running survey of consumers found the biggest jump in optimism for the next six months, with 20.3 per cent of respondents expecting business conditions to improve in the short term, up from a revised 18.7 per cent in May.

Consumers expecting business conditions to worsen in the next six months fell to 11.4 per cent from a revised 12.2 per cent in May.

The survey of about 3,000 consumers, conducted monthly since 1967, was based on responses collected through June 13.

"Consumers are considerably more positive about current business and labour market conditions than they were at the beginning of the year," said Lynn Franco, Conference Board director of economic indicators.

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Source: Copyright 2013 dpa Deutsche Presse-Agentur GmbH

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