U.S. Consumer Confidence Rises in July
Published Jul 31, 2018 10:01AM ET
U.S. consumer confidence increases to 127.4 in June vs. 126.5 forecast
Investing.com - Confidence among U.S consumers rose in July, according to data released on Tuesday.
The Conference Board's index of consumer confidence climbed to 127.4 this month, compared to a reading of 126.5 forecast by economists.
Mays’s reading was revised up down to 127.1 from the initial 126.4.
The index looks at U.S. consumer’s views of current economic conditions and their expectations for the next six months. The index is closely watched by economists because consumer spending accounts for about 70% of U.S. economic activity.
The Present Situation Index improved from 161.7 to 165.9, while the Expectations Index declined from 104.0 last month to 101.7 this month.
The cutoff date for the preliminary results was July 19.
“Consumer confidence gained marginal ground in July, after a modest decline in June,” Lynn Franco, director of economic indicators at The Conference Board, said.
Franco indicated that the relatively unchanged reading of current conditions suggests that the level of economic growth remains 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," she added.
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Written By: Investing.com
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