From the Confidence Board:
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,” said Lynn Franco, Senior Director of Economic Indicators at The Conference Board. “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.”
Consumers’ assessment of present-day conditions improved in July. Those claiming business conditions are “good” increased from 37.5 percent to 40.1 percent, however, those saying business conditions are “bad” also increased slightly, from 10.6 percent to 11.2 percent. Consumers’ appraisal of the job market was also more favorable. Those saying jobs are “plentiful” increased from 44.0 percent to 46.2 percent, while those claiming jobs are “hard to get” declined from 15.8 percent to 12.8 percent.
Consumers were more optimistic about the short-term outlook in July. The percentage of consumers expecting business conditions will be better six months from now increased from 19.1 percent to 24.0 percent, while those expecting business conditions will worsen declined from 12.6 percent to 8.7 percent.