Consumer confidence surges to five-year high
By Jonathan Sweet
June 25, 2013
Filed under News
The Conference Board Consumer Confidence Index was up again this month, jumping nearly 7 points from May.
That puts the index at 81.4, its highest level since January 2008 and third consecutive monthly gain.
“Consumers are considerably more positive about current business and labor market conditions than they were at the beginning of the year,” said Lynn Franco, Director of Economic Indicators at The Conference Board in a statement. “Expectations have also improved considerably over the past several months, suggesting that the pace of growth is unlikely to slow in the short-term, and may even moderately pick up.”
In the monthly survey, consumers were more optimistic about current conditions as well as future expectations. More consumers also said they expect the job market to improve.
Rising home values should also continue to help consumers feel more optimistic, with the S&P/Case-Shiller Home Price Index showing record monthly gains in home prices and double-digit growth year-over-year.