US consumer confidence improves more than expected in June

US consumer confidence improved much more than expected in June, according to data from the Conference Board.

The Conference Board Consumer Confidence Index rose to 98 from 92.4 in May, beating economists’ expectations for a reading of 93.3.

The present situation index increased to 118.3 from 113.2, while the expectations index rose to 84.5 from 78.5.

"Consumer confidence rebounded in June, after declining in May," said Lynn Franco, director of economic indicators at the Conference Board.

"Consumers were less negative about current business and labor market conditions, but only moderately more positive, suggesting no deterioration in economic conditions, but no strengthening either. Expectations regarding business and labor market conditions, as well as personal income prospects, improved moderately. Overall, consumers remain cautiously optimistic about economic growth in the short-term."

It should be noted that the cut-off date for the survey was 16 June, before the UK's referendum on European Union membership.