Economy: Consumer Confidence Index (CCI) for June 2017

The Consumer Confidence Index® (CCI) for this month (June 2017) was released by The Conference Board® this morning:

Predicted: 116.7
Actual: 118.9

The "predicted" figure is what economists were expecting, while the "actual" is the true or real figure.

From Today's Report:

"...'Consumer confidence increased moderately in June following a small decline in May,' said Lynn Franco, Director of Economic Indicators at The Conference Board. 'Consumers’ assessment of current conditions improved to a nearly 16-year high (July 2001, 151.3.) Expectations for the short-term have eased somewhat, but are still upbeat. Overall, consumers anticipate the economy will continue expanding in the months ahead, but they do not foresee the pace of growth accelerating.'

Consumers’ appraisal of current conditions improved in June. Those saying business conditions are 'good' increased from 29.8 percent to 30.8 percent, while those saying business conditions are 'bad' declined from 13.9 percent to 12.7 percent. Consumers’ assessment of the labor market was also more positive. Those stating jobs are 'plentiful' rose from 30.0 percent to 32.8 percent, while those claiming jobs are 'hard to get' decreased slightly from 18.3 percent to 18.0 percent.

Consumers, however, were less optimistic about the short-term outlook in June. The percentage of consumers expecting business conditions to improve over the next six months decreased from 21.5 percent to 20.4 percent, however, those expecting business conditions to worsen declined marginally from 10.3 percent to 9.9 percent.

Consumers’ outlook for the labor market remained mixed. The proportion expecting more jobs in the months ahead increased from 18.6 percent to 19.3 percent, but those anticipating fewer jobs increased from 12.1 percent to 14.6 percent. The percentage of consumers expecting an improvement in their income rose from 19.1 percent to 22.2 percent, but the proportion expecting a decline increased slightly from 8.7 percent to 9.2 percent..."

Every month, The Conference Board sends a questionnaire to 5,000 U.S. households. Survey participants are polled about their feelings regarding the U.S. economy, current and future, and about their own fiscal circumstances. On average, 3,500 participants complete and return the 5-question survey.

The baseline "100" score for the CCI is associated with 1985 survey data.

When consumers feel good about the economy, they tend to do more spending, and vice versa.

Based in New York City, The Conference Board is a private, not-for-profit organization with a mission to, "create and disseminate knowledge about management and the marketplace to help businesses strengthen their performance and better serve society."

The CCI is usually released on the last Tuesday of the month.

Last month, the CCI was 117.6 (revised.)