US consumer confidence rises to 98.1 in June

U.S. consumer confidence rose in June, reflecting the partial re-opening of the country but the concern is that rising coronavirus cases in many states could jeopardize future gains.

The Conference Board, a New York-based research organization, said that its Consumer Confidence Index rose to 98.1 in June after virtually no change at 85.9 in May.

Even with the June rebound, the confidence index remains well below its pre-pandemic levels. The reading on consumer confidence is closely watched for clues it can give about future consumer spending, which accounts for 70% of economic activity.