Consumer Confidence Highest In Nine Months

U.S. consumer confidence reached its highest level in nine months, and represents the third straight month of increases.

The preliminary June numbers, prepared by the University of Michigan and Reuters, are slightly below economists' expectations and remain below the levels seen just before Lehman Brothers' collapse last September.

The report says that consumers, though they feel better about the prospects of the economy, are worried about rising inflation, thanks to the money poured into the system by the Federal Reserve.

"Job and income uncertainty, however, remained high and constitute a significant barrier for completing planned purchases," the index said in its report.

-- Frank Ahrens
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