The Conference Board’s report on consumer confidence is showing that consumers are magically more confident. The report for July posted a big jump to 65.9, which was well above estimates. Bloomberg had the consensus economist target at 61.5, and it had a rather wide range of 59.0 to 65.0. The report for June was down by 2.4 points to a reading of 62.0. That had been the fourth month in a row for declines.
We would note that there is a mix in the components of the report:
- The Expectations Index managed to rise to 79.1 from 73.4.
- The Present Situation Index fell slightly to 46.2 from 46.6 a month ago.
The Conference Board’s comments show much more caution that hope. Despite this month’s improvement, the reported comments show that the overall index remains at historically low levels as consumers are little changed currently. Their short-term expectations did manage to bounce back after a dip the prior month. While consumers expressed greater optimism about short-term business and employment prospects, they have still managed to grow more pessimistic about their earnings.
JON C. OGG
Is Your Money Earning the Best Possible Rate? (Sponsor)
Let’s face it: If your money is just sitting in a checking account, you’re losing value every single day. With most checking accounts offering little to no interest, the cash you worked so hard to save is gradually being eroded by inflation.
However, by moving that money into a high-yield savings account, you can put your cash to work, growing steadily with little to no effort on your part. In just a few clicks, you can set up a high-yield savings account and start earning interest immediately.
There are plenty of reputable banks and online platforms that offer competitive rates, and many of them come with zero fees and no minimum balance requirements. Click here to see if you’re earning the best possible rate on your money!
Thank you for reading! Have some feedback for us?
Contact the 24/7 Wall St. editorial team.