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US Consumer Confidence Improved in July to its Second Highest Level in 16 Years

The Conference Board Consumer Confidence survey showed that overall sentiment towards the economy improved in July. The consumer confidence index rose to 121.1 (1985=100), up from 117.3 in June.

According to marketwatch.com, July's reading was "the second highest level in 16 years as Americans shrugged off all the drama in President Trump’s Washington and took heart in the best labor market in a decade." Also, a component of the index, the "present" situation index, "rose to 147.8 from 143.9. That’s the highest level since mid-2001."

The consumer confidence report summarized: "Overall, consumers foresee the current economic expansion continuing well into the second half of this year."

Consumers who felt business conditions are "good" went from 30.6% to 33.3%. Those who felt conditions are "bad" remained virtually unchanged at 13.5%. Attitude towards the labor market improved as well, with those saying job are "plentiful" up from 32.0% to 34.1%, while those saying job are "hard to get" lowered slightly from 18.4% to 18.0%. 

However, consumers weren't so upbeat about income. Those expecting an improvement in income declined from 20.9% to 20.0%, while those expecting a decline rose from 9.3% to 10.0%.