The consumer confidence index increased to 127.4 in July from a revised 127.1 last month, The Conference Board reported Tuesday.
The June index was originally reported as 126.4.
Economists polled by IFR Markets predicted a 126.0 reading for the index.
The present situation index rose to 165.9 from a revised 161.7, first reported as 161.1, while the expectations index fell to 101.7 from a revised 104.0, first reported as 103.2.
“Consumer confidence gained marginal ground in July, after a modest decline in June,” said Lynn Franco, director of economic indicators for The Conference Board. “Consumers’ assessment of present-day conditions improved, suggesting that economic growth is still strong. However, while expectations continue to reflect optimism in the short-term economic outlook, back-to-back declines suggest consumers do not foresee growth accelerating.”
Business conditions were called “good” by 38.0% of respondents in July, up from 37.2% of respondents in June. Those saying conditions are “bad” fell to 10.1% from 11.5%.
The percentage of consumers expecting a pickup in business conditions in the next half year gained to 23.1% from 20.7%, while 10.8% said they expect conditions to worsen, up from 9.3% in the prior month.
On the jobs front, those who believe jobs are “plentiful” grew to 43.1% from 40.4% in last month, while the number saying jobs are “hard to get” dipped to 15.0% from 15.1%. The respondents who see fewer jobs becoming available in a half year, rose to 15.7% from 13.1%. Those expecting more jobs to become available grew to 22.5% from 20.0%, The Conference Board reported.
The consumer confidence survey is based on a probability design random sample by the Nielsen Company.
