Consumer confidence soars

Last updated on July 2nd, 2019 at 09:07 am

U.S. consumer confidence jumped to its highest level in almost seven years in July, according to the Conference Board.

The New York-based private research association’s index of consumer confidence was at 90.9 in July, a sharp increase from 85.2 in June.

Despite geopolitical tension, a stronger job picture and improving employment reports led to positive consumer assessment of current trends and rosier outlooks on the economy, jobs and income growth.

In July, about 22.7 percent said business conditions are “good,” down from 23.4 percent in June. And 15.9 percent describe jobs as “plentiful”

Looking ahead, 19.1 percent of respondents expected more jobs in the months ahead, up from 16.3 percent in June. And 17.3 percent expect to see their incomes increase, up from 16.7 percent in June.

“Strong job growth helped boost consumers’ assessment of current conditions, while brighter short-term outlooks for the economy and jobs, and to a lesser extent personal income, drove the gain in expectations,” said Lynn Franco, the board’s director of economic indicators. “Recent improvements in consumer confidence, in particular expectations, suggest the recent strengthening in growth is likely to continue into the second half of this year.”

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