Economy

U.S. consumer confidence unexpectedly improves in July

U.S. consumer confidence unexpectedly improves in July

US consumers gained confidence this month, with more Americans pleased by current conditions and more hopeful about the future.

The Conference Board, a market research group, said its index of consumer confidence jumped to 121.1 this month from a reading of 117.3 in June, whose figure was revised down from a previously reported 118.9.

A monthly measure of consumer confidence has increased on more upbeat assessments of current business and labor conditions as well as more optimistic expectations for the near future.

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Capital Economics pointed out that at 103.3, the expectations sub-index is broadly in line with its average since last November, when expectations surged in the wake of Trump's surprise election victory. Also, the UoM confidence survey out on July 14th, which has the same cut off date as today's Conference Board number, saw a 2 pt m/o/m decline to the lowest since October.

Those stating jobs are "plentiful" rose from 32.0% to 34.1%.

Consumers felt slightly more positive about the current situation, with the share of those saying business conditions were "good" rising 2.7 points to 33.3 per cent.

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Federal Reserve Chairwoman Janet Yellen said in her congressional testimony earlier this month that she has "a reasonable level of confidence that the expansion can continue" and that with respect to consumer debt, "households are generally in a stronger position".

The percentage of consumers expecting business conditions to improve over the next six months increased from 20.1% to 22.9%. But the proportion of those predicting fewer jobs fell 1.3 points to 13.3 percent.

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