A buyer walks with shopping bags. Pedestrian and vehicle traffic has increased markedly as businesses mark the next phase of reopening the economy today in New York City.
John Lamparski | SOPA Images | fake pictures
Consumer confidence rose more than expected in June as the United States loosened quarantine and stay-at-home restrictions, raising hopes for an economic recovery, according to data released Tuesday.
The Conference Board consumer confidence index rose to 98.1 for the month. Economists surveyed by Dow Jones expected consumer confidence to rise to 91 from a May reading of 85.9.
“The reopening of the economy and the relative improvement in unemployment claims helped improve consumers’ assessment of current conditions,” said Lynn Franco, senior director of economic indicators for The Conference Board. Franco noted, however, that “the Current Situation Index suggests that economic conditions remain weak. Looking ahead, consumers are less pessimistic about the short-term outlook, but do not anticipate a significant recovery in economic activity.” .
“Faced with an uncertain and uneven path to recovery, and a possible resurgence of COVID-19, it is too early to say that consumers have turned the corner and are ready to start spending at pre-pandemic levels,” Franco said.
The Board’s current situation index increased to 86.2 from 68.4, while the short-term outlook among consumers also improved.
States across the country have stepped up efforts to reopen the United States economy by easing social distancing measures designed to curb the coronavirus pandemic. This not only increased confidence among consumers, but also blew up stock prices. However, some states have had to reverse reopening efforts as coronavirus cases increased once again.
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