Industry News

Consumer confidence rebounds

Improving economic conditions boost index to a near 6-year high

Consumer confidence bounced back in July to highs not seen in nearly six years as Americans grew more upbeat about the economy, The Conference Board reported today. The Consumer Confidence Index climbed to 112.6 this month from 105.3 in June, and hasn't been this high since hitting 114 in August 2001. "An improvement in business conditions and the job market has lifted consumers' spirits in July," Lynn Franco, director of The Conference Board Consumer Research Center, said in a prepared statement. "Looking ahead, consumers are more upbeat about short-term economic prospects, mainly the result of a decline in the number of pessimists, not an increase in the number of optimists. This rebound in confidence suggests economic activity may gather a little momentum in the coming months." Consumers were considerably more positive about current-day conditions in July than they were in June, as the present situation index also neared a six-year high. Those claiming conditions are "good" increas...