Reuters is reporting that U.S. consumer confidence was broadly unchanged in June, contrary to expectations, as cautiousness over business conditions tempered optimism over rallying stocks, the Conference Board reported on Tuesday.
The Conference Board’s monthly consumer confidence index stood at 83.5, marginally down from 83.6 in May, but outstripping market expectations for a fall to 82.4.
“While consumers assessment of current conditions has lost ground since April, expectations for the next six months are up,” said Lynn Franco, director of the Conference Board’s Consumer Research Center.
“In fact, consumers have grown increasingly optimistic over the last three months. The recent turnaround in the stock market and an easing in unemployment claims should keep consumer expectations at current levels and may signal more favorable economic times ahead,” Franco said in a statement.
