U.S. consumer confidence races to more than one-year high in June

FILE PHOTO: A customer pushes her shopping cart through the aisles at a Walmart store in the Porter Ranch section of Los Angeles November 26, 2013. REUTERS/Kevork Djansezian

WASHINGTON (Reuters) – U.S. consumer confidence increased in June to its highest level since the COVID-19 pandemic started more than a year ago, bolstering expectations for strong economic growth in the second quarter.

The Conference Board said on Tuesday its consumer confidence index jumped to a reading of 127.3 this month, the highest level since February 2020, from 120.0 in May. Economists polled by Reuters had forecast the index at 119.0. The survey places more emphasis on the labor market.

“Consumers assessment of current conditions improved again, suggesting economic growth has strengthened further in the second quarter,” said Lynn Franco, senior director of economic indicators at The Conference Board. “Consumers’ short-term optimism rebounded, buoyed by expectations that business conditions and their own financial prospects will continue improving in the months ahead.”

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