The Conference Board has released its July reading of consumer confidence, showing a gain after a modest decline in June. Consumer confidence rose slightly to 127.4 in July from 127.1 in June. This was more or less in line with the Bloomberg consensus estimate calling for 127.0. The cutoff date for the preliminary results was July 19.
The Present Situation Index increased from 161.7 last month to 165.9, while the Expectations Index declined to 101.7 this month from 104.0.
Overall, consumers’ assessment of current conditions improved for the month of July. Those claiming business conditions are “good” increased from 37.2% to 38.0%, while those claiming business conditions are “bad” decreased from 11.5% to 10.1%. Consumers’ assessment of the labor market was more favorable. The percentage of consumers stating jobs are “plentiful” improved from 40.4 to 43.1, while those claiming jobs are “hard to get” was unchanged at 15.0%.
Consumer optimism waned again for the short-term outlook in July. The percentage of consumers anticipating business conditions will improve over the next six months increased from 20.7 to 23.1, while those expecting business conditions will worsen also increased, from 9.3% to 10.8%.
Lynn Franco, Director of Economic Indicators at the Conference Board, commented:
Consumer confidence gained marginal ground in July, after a modest decline in June. Consumers’ assessment of present-day conditions improved, suggesting that economic growth is still strong. However, while expectations continue to reflect optimism in the short-term economic outlook, back-to-back declines suggest consumers do not foresee growth accelerating.
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.
Latest from 24/7
