Consumer Confidence Sees Big Jump in June
June 30, 2020
Consumer confidence got a bigger-than-expected boost in June, as states across the nation lifted business restrictions and cooped up Americans returned to regular business.
The Conference Board’s consumer confidence index rose to 98.1 for the month, up from 85.9 in May. Economists had expected a smaller increase to 91.
The increase was driven my consumers’ improved outlook on the short-term prospects for the economy. An economist from the Conference Board noted that despite the improvement, the long-term view of the economy remains muted, and that it does not appear consumers are ready to begin spending the way they did prior to the pandemic.