United States: Consumer confidence rises for the first time since April
July 26, 2011
In July, the Conference Board consumer confidence index rose to 59.5 points from a revised 57.6 points in June (previously reported: 58.5 points). The reading marked the first increase since April and surprised the market on the upside, as analysts anticipated consumer confidence to moderate to 57.0 points. That said, the index remains subdued, well below the 72-point peak reached in February. According to the Conference Board, the modest monthly rise was the result of an overall improvement in expectations over the short term, despite a greater number of respondents expecting business conditions to deteriorate over the next six months. In addition, ?consumers' appraisal of current business and employment conditions [?] was less favorable as concerns about the labor market continue to weigh on consumers' attitudes.?