Consumers grow more confident in future of economy

Source: Housing Wire

Consumers’ assessment of their current conditions remained at a 16-year high even as their confidence in the future edged higher, according to the Consumer Confidence Survey conducted by The Conference Board by Nielsen, a provider of information and analytics around what consumers buy and watch.

The Consumer Confidence Index increased to 121.1 in July up from 117.3 in June. The Present Situation Index increased from 143.9 last month to 147.8 in July and the Expectations Index increased to 103.3, up from 99.6 last month.

In 1985, the index was set to 100, representing the index’s benchmark. This value is adjusted monthly based on results of a household survey of consumers’ opinions on current conditions and future economic expectations. Opinions on current conditions make up 40 percent of the index, while expectations of future conditions make up 60 percent.

Consumers’ assessment of their current conditions improved in July as those saying business conditions are good increased from 30.6 percent to 33.3 percent. Those who said business conditions are bad remained unchanged at 13.5 percent. Consumers also held a more favorable view of the labor market, as those saying jobs are plentiful increased from 32 percent to 34.1 percent while those saying jobs are hard to get decreased from 18.4 percent to 18 percent.

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