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Consumer confidence in the U.S. improved by much more than expected in the month of June, the Conference Board revealed in a report on Tuesday.
The Conference Board said its consumer confidence index jumped to 98.0 in June from a downwardly revised 92.4 in May.
Economists had been expecting the index to inch up to 93.3 from the 92.6 originally reported for the previous month.
Lynn Franco, Director of Economic Indicators at the Conference Board, said, "Consumers were less negative about current business and labor market conditions, but only moderately more positive, suggesting no deterioration in economic conditions, but no strengthening either."
"Expectations regarding business and labor market conditions, as well as personal income prospects, improved moderately," she added. "Overall, consumers remain cautiously optimistic about economic growth in the short-term."
The report said the present situation index climbed to 118.3 in June from 113.2 in May, reflecting an improvement in consumers' appraisal of current conditions.
Consumers saying business conditions are "good" edged up to 26.9 percent from 26.1 percent, while those saying conditions are "bad" fell to 17.7 percent from 21.4 percent.
Meanwhile, the assessment of the labor market was mixed, as consumers saying jobs are "plentiful" dipped to 23.4 percent from 24.5 percent but those saying jobs are "hard to get" also decreased from to 23.3 percent from 24.5 percent.
Reflecting an improvement in consumers' optimism regarding the short-term outlook, the Conference Board said the expectations index surged up to 84.5 in June from 78.5 in May.
The percentage of consumers expecting business conditions to improve over the next six months increased to 16.8 percent from 15.0 percent, while those expecting conditions to worsen edged down to 11.4 percent from 11.7 percent.
Consumers' outlook for the labor market was also more favorable, as those anticipating more jobs in the months ahead increased to 14.2 percent from 12.5 percent and those anticipating fewer jobs dipped to 17.9 percent from 18.2 percent.
