The Conference Board, a non-partisan, not-for-profit think tank, which was founded in 1916, released today (6-29-21) their Consumer Confidence Index® (CCI) for June 2021. The CCI improved further in June, following gains in each of the previous four months. The Present Situation Index—based on consumers’ assessment of current business and labor market conditions—rose from 148.7 to 157.7. The Expectations Index—based on consumers’ short-term outlook for income, business, and labor market conditions—improved to 107.0, up from 100.9 last month. Lynn Franco, Senior Director of Economic Indicators at The Conference Board said, “Consumer confidence increased in June and is currently at its highest level since the onset of the pandemic’s first surge in March 2020. Consumers’ assessment of current conditions improved again, suggesting economic growth has strengthened further in Q2. Consumers’ short-term optimism rebounded, buoyed by expectations that business conditions and their own financial prospects will continue improving in the months ahead. While short-term inflation expectations increased, this had little impact on consumers’ confidence or purchasing intentions. In fact, the proportion of consumers planning to purchase homes, automobiles, and major appliances all rose—a sign that consumer spending will continue to support economic growth in the short-term. Vacation intentions also rose, reflecting a continued increase in spending on services.”
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Consumer Confidence Increased in June