The data from the Conference Board showed that consumer confidence indicator decreased slightly in July, reaching 97.3 points (1985 = 100) compared with 97.4 in June (revised from 98.0). Analysts had forecast a drop to 95.9 index. the current situation index rose to 118.3 from 116.6 in June, while the expectations index fell from 84.6 to 83.3.
“Consumer confidence remained stable in July after the improvement in June. Consumers were somewhat more positive about current business and labor market conditions, suggesting that the economy will continue to grow at a moderate pace. Expectations for business conditions and labor market conditions, and as personal income prospects, fell slightly, as consumers continued to show a cautious optimism about growth in the short term – said Lynn Franco, director of economic indicators in the Conference Board.
Consumers’ estimation of current conditions improved slightly in June. The share of those who said that business conditions are “good” increased from 26.8 percent to 28.1 percent. Meanwhile, the proportion saying that conditions are “bad” business, also increased, from 18.3 percent to 19.0 percent. Consumers’ estimation of the labor market situation has not changed much since June. The proportion of those who say that jobs are “plentiful” decreased from 23.2 percent to 23.0 percent, however, the proportion of those who reported that jobs are “hard to get” and declined to 23.7 percent from 22 , 3 percent.
Optimism about consumers’ short-term outlook was slightly less favorable in July. The proportion of consumers expecting improved business conditions in the next six months, down from 16.6 percent to 15.9 percent, while the share of those who expect conditions to deteriorate, increased from 11.2 percent to 12, 3 per cent. Forecast of consumers in respect of the labor market was also more favorable than in June. The share expecting more jobs virtually unchanged at 14.0 percent in the coming months, while the number of those who predict fewer jobs decreased from 17.7 percent to 17.0 percent. The proportion of consumers expecting their incomes growth fell from 18.2 percent to 16.6 percent, while the share of those who expect a decline in revenues, decreased from 11.3 percent to 10.8 percent.
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