Consumer confidence soars in June

Consumer confidence soared to its highest level in June since January 2008, according to a private report released Friday. 

Confidence rose more than expected, to 76, up from 73.6 in May, the Thomson Reuters/University of Michigan final index reported.

Despite a tough economic month of May — a period that witnessed a European debt crisis, roller coaster stock market, sluggish housing market and high unemployment — consumers seemed relatively unaffected. 

Economic growth in the first quarter was revised slightly downward by the Commerce Department on Friday, based on a recalculation of consumer spending, which wasn't as high as originally thought. Consumer spending accounts for 70 percent of the economy.

Gross domestic product was revised downward to 2.7 percent from 3 percent in the first quarter. 

The Michigan gauge for determining if consumers want to make big-ticket purchases was up to 85.6 in June, up from 81 in May, another high since January 2008.

Long-run expectations shaped up higher as well, with an increase to 69.8 in June from 68.8 last month.