Consumer confidence up slightly in July

Credit: MGN

SILVER SPRING, Md. (AP) – U.S. consumer confidence was relatively unchanged from June to July, but remains at its highest level since February 2020, just before the coronavirus pandemic hit the U.S.

The Conference Board reported Tuesday that its consumer confidence index inched up in July to 129.1, up from last month’s reading of 128.9.

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It’s the sixth straight month that the measurement has risen.

Consumers’ appraisal of current business conditions ticked up slightly to 160.3 from 159.6 in June.

Consumers’ short term expectations came in at 108.4, down from 108.5 last month.

Economists watch consumer confidence because consumer spending accounts for 70% of economic activity.