U.S. consumers were more optimistic about the economy in June, according to a report released Tuesday. (Tweet this)
The Conference Board's Consumer Confidence Index rose to 101.4 in June, beating estimates of 97.3. May's reading was 94.6.
"Consumer confidence improved further in June, following a modest gain in May," said Lynn Franco, Director of Economic Indicators at The Conference Board."
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"Over the past two months, consumers have grown more confident about the current state of business and employment conditions. In addition, they are now more optimistic about the near-term future, although sentiment regarding income prospects is little changed. Overall, consumers are in considerably better spirits and their renewed optimism could lead to a greater willingness to spend in the near-term."
Consumers were more upbeat about business conditions, the job market and the economic short-term outlook. Those expecting more jobs in the months ahead increased to 17.8 percent from 14.7 percent, while those anticipating fewer jobs declined to 15.1 percent from 16.6 percent.
Optimism about the short-term outlook increased in June as well. The percentage of consumers expecting business conditions to improve over the next six months was up at 18.5 percent from 16 percent.
The monthly consumer confidence survey is conducted by Nielsen for The Conference Board.