Consumer Confidence Visits Recovery Road
The Conference Board’s report on consumer confidence is showing that consumers are magically more confident. The report for July posted a big jump to 65.9, which was well above estimates. Bloomberg had the consensus economist target at 61.5, and it…
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We would note that there is a mix in the components of the report:
- The Expectations Index managed to rise to 79.1 from 73.4.
- The Present Situation Index fell slightly to 46.2 from 46.6 a month ago.
The Conference Board’s comments show much more caution that hope. Despite this month’s improvement, the reported comments show that the overall index remains at historically low levels as consumers are little changed currently. Their short-term expectations did manage to bounce back after a dip the prior month. While consumers expressed greater optimism about short-term business and employment prospects, they have still managed to grow more pessimistic about their earnings.
JON C. OGG
Contact [email protected] for any questions or corrections.
Jon Ogg has been a financial news analyst since 1997. Mr. Ogg set up one of the first audio squawk box services for traders called TTN, which he sold in 2003. He has previously worked as a licensed broker to some of the top U.S. and E.U. financial institutions, managed capital, and has raised private capital at the seed and venture stage. He has lived in Copenhagen, Denmark, as well as New York and Chicago, and he now lives in Houston, Texas. Jon received a Bachelor of Business Administration in finance at University of Houston in 1992. www.247wallst.com.
