July 1, 2021—U.S. consumer confidence rose for a fifth consecutive month in June, reaching its highest levels since the COVID-19 pandemic began in March 2020.
The Conference Board reported Tuesday its consumer confidence index increased by over seven points to 127.3 from May to June, according to a report from the Associated Press. The jump comes as more people receive vaccinations and businesses continue to reopen.
Per the report, consumer sentiment is projected "to keep rising in the coming months," which leads to higher consumer spending support. That accounts for 70 percent of economic activity.
“Consumers’ short-term optimism rebounded, buoyed by expectations that business conditions and their own financial prospects will continue improving in the months ahead,” said Lynn Franco, senior director of economic indicators at the Conference Board.