Consumer confidence up in June, survey shows

Consumer confidence hit its highest level in more than two years this month, according to a survey released Friday. 

Consumer sentiment rose to 75.5, the highest level since January 2008, according to the Thomson Reuters/University of Michigan preliminary index of consumer sentiment Friday. 

June's numbers rose more than expected from the 73.6 posted in May, a reflection that consumer confidence hasn't taken hit from negative news, specifically the European debt crisis. 

The unexpected fall in retail sales in May shows that consumers will likely need to see an improvement in employment levels and income growth to continue providing the economy with a needed boost. 

The index of consumer expectations for six months into the future – a gauge more closely estimating the direction of consumer spending – increased to 70.7, the highest level since September 2009. 

The gauge measuring whether consumers think it's a good time to buy big-ticket items, also rose in June to 82.9, the highest level since March 2008. The May level came in at 81.