The Conference Board reported Tuesday that its consumer confidence index rose to 109.7 in June from 102.5 in May. The Conference Board noted that reading has come in below 80 every month but one since February of 2022. Last month, the government reported that consumer spending jumped 0.8% from March to April, the biggest increase since January. The latest consumer spending report, which includes an important measure of inflation that the Fed monitors closely, comes out Friday. Economists surveyed by FactSet expected that consumer confidence rose much more modestly in June from May, to 103.9.

Source: ABC News June 27, 2023 19:31 UTC