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- U.S. consumer confidence rises more than forecast in July
U.S. consumer confidence rises more than forecast in July
The Conference
Board announced on Tuesday its U.S. consumer confidence gauge rose 11.4 points
to 135.7 in July from 124.3 in June.
Economists had
expected consumer confidence to come in at 125.
June’s consumer
confidence reading was revised up from originally estimated 121.5.
The survey
showed that the expectations surged from 97.6 last month to 112.2 this month,
while the present situation index increased from 164.3 to 170.9.
Lynn Franco,
Senior Director of Economic Indicators at The Conference Board, noted, “After a
sharp decline in June, driven by an escalation in trade and tariff tensions,
Consumer Confidence rebounded in July to its highest level this year. Consumers
are once again optimistic about current and prospective business and labor
market conditions. In addition, their expectations regarding their financial
outlook also improved. These high levels of confidence should continue to
support robust spending in the near-term despite slower growth in GDP.”
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