FILE - Customer Dan Inks, right, shops at University Bicycles in Boulder, Colo., on April 30, 2024. On Tuesday, July 30, 2024, the Conference Board reports on U.S. consumer confidence for July. (AP Photo/Thomas Peipert, File)
American consumers felt more confident in July as expectations over the near-term future rebounded. However, in a reversal of recent trends, feelings about current conditions weakened.
The Conference Board, a business research group, said Tuesday that its consumer confidence index rose to 100.3 in July from a downwardly revised 97.8 in June.
The index measures both Americans’ assessment of current economic conditions and their outlook for the next six months.
The measure of Americans’ short-term expectations for income, business and the job market rose in July to 78.2 from 72.8 in June. A reading under 80 can signal a potential recession in the near future.
Consumers’ view of current conditions dipped in July to 133.6, from 135.3 in June.
Consumer spending accounts for nearly 70% of U.S. economic activity and is closely watched by economists for signs how the American consumer is feeling.
