Consumers were feeling more optimistic than expected in June as a key measure hit its highest level since October, according to a survey released Tuesday.
The Consumer Confidence Index hit 98 in June, The Conference Board said. Economists expected consumer confidence to hit 93.7, up from May's revised figure of 92.4, according to a Thomson Reuters consensus estimate.
The survey, a closely-followed barometer of consumer attitudes, measures sentiment toward business conditions, short term outlook, personal finances and jobs. Despite the spike in June's readings, consumers were still "cautiously optimistic" about economic growth in the short term, said Lynn Franco, director of economic indicators at The Conference Board.