US Conference Board Consumer Confidence rose from 110.1 to 117.0 in July, above expectation of 112.1. Present Situation Index rose from 115.3 to 160.0. Expectations Index also rose from 80.0 to 88.3.
“Consumer confidence rose in July 2023 to its highest level since July 2021, reflecting pops in both current conditions and expectations,” said Dana Peterson, Chief Economist at The Conference Board.
“Headline confidence appears to have broken out of the sideways trend that prevailed for much of the last year….
“Assessments of the present situation rose in July on brighter views of employment conditions, where the spread between consumers saying jobs are ‘plentiful’ versus ‘hard to get’ widened further…
“Expectations for the next six months improved materially, reflecting greater confidence about future business conditions and job availability.
