Consumer Confidence at 5 Year High
According to the Conference Board, a global, independent business membership and research association working in the public interest, the Consumer Confidence Index, which improved in May, has also increased in June. The Index now stands at 82.1 up from 74.3 in May. The Conference Board strives to provide the world’s leading organizations with the practical knowledge they need to improve their performance and better serve society.
The monthly Consumer Confidence Survey is based on a probability-design random sample, conducted for the Conference Board by Nielsen, an industry leading global provider of information and analytics around what customers buy and watch.
“Consumer Confidence increased for the third consecutive month and is now at its highest level since January 2008,” reported Lynn Franco, Director of Economic Indicators.
Consumers are more positive about current business and the labor market than they were at the beginning of the year. Expectations have also improved over the past several months. This suggests that the pace of growth will most likely continue its upward trend.
For the month of July, The Confidence Board Consumer Confidence Index slightly decreased. The Index is now 80.3, down from 82.1 in June. The Present Situation Index increased from 68.7 to 73.6.
“Consumer Confidence fell slightly in July, precipitated by a weakening in consumers’ economic and job expectations. However, confidence remains well above the levels of a year ago. Consumers’ assessment of current conditions continues to gain ground and expectation remains in expansionary territory despite the July retreat. Overall, indications are that the economy is strengthening and may even gain some momentum in the months ahead,” said Franco.
For more information concerning the Consumer Confidence Survey or to see how the month of August will go, check out http://www.conference-board.org.