U.S. consumer confidence in June surged to the highest level in more than five years, said a survey released Tuesday by research institute Conference Board.
The Conference Board Consumer Confidence Index, which improved in May, increased again in June. The Index now stands at 81.4, up from 74.3 in May.
"Consumer confidence increased for the third consecutive month and is now at its highest level since January 2008," said Lynn Franco, director of Economic Indicators at the Conference Board.
"Consumers are considerably more positive about current business and labor market conditions than they were at the beginning of the year. Expectations have also improved considerably over the past several months, suggesting that the pace of growth is unlikely to slow in the short-term, and may even moderately pick up," Franco said.
Moreover, consumers' assessment of current conditions continued to improve in June. Those stating business conditions are "good" held steady at 19.1 percent, while those saying business conditions are "bad" decreased to 24.9 percent from 26 percent, the survey showed.
Consumers' appraisal of the job market was also more positive. Those claiming jobs are "plentiful" increased to 11.7 percent from 9.9 percent, while those claiming jobs are "hard to get" edged up to 36.9 percent from 36.4 percent, according to the survey.
Consumers' expectations regarding the short-term outlook improved again in June, while their outlook for the labor market was also more optimistic.
The monthly Consumer Confidence Survey is based on a probability-design random sample conducted for the Conference Board by Nielsen, a leading global provider of information and analytics about what consumers buy and watch.