Conference board measure of confidence posts 8-point gain to best level in two years.
June 29, 2004: 10:04 AM EDT
NEW YORK (CNN/Money) - U.S. consumers were far more confident in June, according to the most recent Conference Board survey released Tuesday, with the index coming in well above Wall Street expectations.
The board's June index came in at 101.9., up from the revised 93.1 reading in May. It marked the best reading for the index in two years. Economists surveyed by Briefing.com forecast the index would rise to 95.
Consumer confidence is important because it correlates closely with consumer spending behavior, and spending by consumers accounts for more than two-thirds of the U.S. economy.
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