Consumer Confidence ticks upward
The Conference Board Consumer Confidence Index, which had declined in June, improved slightly in July.
Released Tuesday morning, the index now stands at 59.5 (1985=100), up from a downwardly revised 57.6 in June.
Last year, July's index stood at 51.0. The Present Situation Index decreased to 35.7 from 36.6. The Expectations Index rose to 75.4 from 71.6 last month.
Said Lynn Franco, director of The Conference Board Consumer Research Center: “Consumer confidence posted a modest gain in July, the result of an improvement in consumers’ short-term outlook. Consumers’ appraisal of current business and employment conditions, however, was less favorable as concerns about the labor market continue to weigh on consumers’ attitudes. Overall, consumers remain apprehensive about the future, but some of the concern expressed last month has abated.”
The monthly Consumer Confidence Survey, based on a probability-design random sample, is conducted for The Conference Board by The Nielsen Co., a leading global provider of information and analytics around what consumers buy and watch. The cutoff date for July’s preliminary results was July 14, 2011.