This likely reflects upbeat feelings about a labor market that continues to outperform. Peterson added: “Assessments of the present situation rose in July on brighter views of employment conditions, where the spread between consumers saying jobs are ‘plentiful’ versus ‘hard to get’ widened further. Greater confidence was evident across all age groups, and among both consumers earning incomes less than $50,000 and those making more than $100,000.” “Headline confidence appears to have broken out of the sideways trend that prevailed for much of the last year. “Consumer confidence rose in July 2023 to its highest level since July 2021, reflecting pops in both current conditions and expectations,” said Dana Peterson, Chief Economist at The Conference Board. Although consumers are less convinced of a recession ahead, we still anticipate one likely before yearend. Despite rising interest rates, consumers are more upbeat, likely reflecting lower inflation and a tight labor market. Importantly, Expectations climbed well above 80-the level that historically signals a recession within the next year. The Expectations Index-based on consumers’ short-term outlook for income, business, and labor market conditions-improved to 88.3 (1985=100) from 80.0 in June. The Present Situation Index-based on consumers’ assessment of current business and labor market conditions-improved to 160.0 (1985=100) from 155.3 last month. The Conference Board Consumer Confidence Index® rose again in July to 117.0 (1985=100), up from 110.1 in June. Updated: Tuesday, JUS Consumer Confidence Improved Again in JulyĬonfidence Stands at Highest Level since July 2021 after Second Straight Month of Gains Data are available by age, income, 9 regions, and top 8 states. This monthly report details consumer attitudes, buying intentions, vacation plans, and consumer expectations for inflation, stock prices, and interest rates. The Consumer Confidence Survey® reflects prevailing business conditions and likely developments for the months ahead. Human Capital Benchmarking & Data Analytics.The 2023 IBI/Conference Board Health and Productivity Forum.
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