The Conference Board’s Consumer Confidence Index Noticeably Improves in June 2023

The Conference Board, a non-partisan, not-for-profit think tank, founded in 1916, released today (6-27-23), its Consumer Confidence Index® (CCI) for June 2023. The CCI Index increased in June to a reading of 109.7 (1985=100), up from a reading of 102.5 in May.

The Present Situation Index, based on consumers’ assessment of current business and labor market conditions, rose in June to a reading of 155.3 (1985=100) up from May’s reading of 148.9.  

The Expectations Index, based on consumers’ short-term outlook for income, business, and labor market conditions, increased to a reading of 79.3 (1985=100) in June, up from May’s reading of 71.5. The Conference Board notes that The Expectation Index has been below 80 – the level associated with a recession within the next year – every month since February 2022, with the exception of a brief uptick in December 2022. However, June’s reading was just a shade below 80 and up sharply from last month’s report.

Adding additional background information and her expert analysis to the release of the CCI for June 2023, the Conference Board’s Chief Economist Dana Peterson said, “Consumer confidence improved in June to its highest level since January 2022, reflecting improved current conditions and a pop in expectations. Greater confidence was most evident among consumers under the age of 35, and consumers with earning incomes over $35,000. Nonetheless, the expectations gauge continued to signal consumers anticipating a recession at some point over the next 6 to 12 months.”