The Conference
Board reported on Tuesday its U.S. consumer confidence index jumped 2.5 points
to 100.3 in July from a downwardly revised 97.8 (from 100.4) in June.
Economists had expected
the consumer confidence index to come in at 99.7.
The details of the
survey revealed that the July increase in the headline index reflected a surge
in the expectations index (+5.4 points to 78.2 this month) that was partly offset
by a fall in the present situation index (-1.7 points to 133.6).
Commenting on
the results of the last survey, Dana M. Peterson, Chief Economist at The
Conference Board, noted that confidence increased in July, but not enough to
break free of the narrow range that has prevailed over the past two years. “Even
though consumers remain relatively positive about the labour market, they still
appear to be concerned about elevated prices and interest rates, and
uncertainty about the future; things that may not improve until next year,” she
added.