Consumer confidence jumps in June

Consumer confidence jumps in June

The Conference Boards Consumer Confidence Index jumped more than seven points in June to 81.4, its highest point since January 2008. It marks the third straight month of increases.

Expectations have 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, says Lynn Franco, the Boards director of economic indicators.

Because the continuing high unemployment rate has been a drag on the recovery, consumers feelings about the job market are important, and in June they were more optimistic. The percent of consumers anticipating more jobs in the months ahead rose to 19.6 percent from 16.3 percent.

Consumers feelings about their income expectations were mixed. The proportion expecting their incomes to increase dipped slightly to 15.2 percent from 15.6 percent, while those expecting a decrease fell to 14.4 percent from 15.3 percent.

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