WASHINGTON - The mood of U.S. consumers reached a five-year high in June, according to a recently released index showing expectations for the future climbing significantly.
The Conference Board's consumer confidence index jumped to 81.4 in June, the best reading since January 2008 and up from 74.3 in May. Consumers had better views of both current conditions and the future. The present situation index rose to 69.2 from 64.8, while the expectations index gained to 89.5 from 80.6.
“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, 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.”
This was the first report since the Conference Board stopped giving the information to reporters on embargo, on fear that data could have leaked out to high-speed traders. The University of Michigan and Thomson Reuters consumer sentiment report does go out to high-speed traders early.
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