Consumer confidence rose slightly in July after declining for four straight months - but consumers still remain cautious due to the job market, a private research group reported on Tuesday.
The Conference Board reported that the consumer confidence index rose 65.9 in July from 62.7 the previous month, surprisingly higher than the 61.5 that economics had predicted. The index that measures expectations rose improved to 79.1 from 73.4, but the present situation index fell slightly to 46.2 from 46.6 in June.
Lynn Franco, Director of Economic Indicators at The Conference Board, said that while there was an improvement in July, the overall index remains historically low.
"Consumers' attitude regarding current conditions was little changed in July, but their short-term expectations, which had declined last month, bounced back," Franco said. “However, while consumers expressed greater optimism about short-term business and employment prospects, they have grown more pessimistic about their earnings. Given the current economic environment — in particular the weak labor market — consumer confidence is not likely to gain any significant momentum in the coming months."
Source:
The Conference Board
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