Consumer Confidence at Two-Year High

July 7, 2008 - 7:21 PM

(CNSNews.com) - A private group that forecasts economic trends says its index of consumer confidence was sharply higher in June -- well above analysts' expectations, in fact.

The Conference Board said June's consumer confidence index was higher than it's been in two years, the result of a rebounding economy.

"This new consumer confidence rating is further evidence that Americans are optimistic," said Sen. John Cornyn (R-Tex.), a member of the Senate Budget Committee.

"Though some politicians on the campaign trail continue to preach doom and gloom, Americans aren't buying it. They're buying homes instead," Cornyn said in a press release.

"So, despite the ceaseless negativity, our economy is strong and will continue to grow. This new consumer confidence rating is further evidence that Americans are optimistic that our country and our economy are on the right track. Maybe someone should tell my colleague from Massachusetts."

The Conference Board's Consumer Confidence Index increased to 101.9 in June from 93.1 in May.

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