The monthly Consumer Confidence Survey®, based on a probability-design random sample, is conducted for The Conference Board by Nielsen, a leading global provider of information and analytics around what consumers buy and watch. The cutoff date for the preliminary results was July 14.
“Consumer confidence held steady in July, after improving in June,” said Lynn Franco, Director of Economic Indicators at The Conference Board. “Consumers were slightly more positive about current business and labor market conditions, suggesting the economy will continue to expand at a moderate pace. Expectations regarding business and labor market conditions, as well as personal income prospects, declined slightly as consumers remain cautiously optimistic about growth in the near-term.”
Consumers’ assessment of present-day conditions improved slightly in July. Those stating business conditions are “good” increased from 26.8 percent to 28.1 percent, however those saying business conditions are “bad” also rose, from 18.3 percent to 19.0 percent. Consumers’ appraisal of the labor market was little changed from last month. Those claiming jobs are “plentiful” declined marginally from 23.2 percent to 23.0 percent, however those claiming jobs are “hard to get” also decreased, from 23.7 percent to 22.3 percent.
Consumers’ optimism regarding the short-term outlook was slightly less favorable in July. The percentage of consumers expecting business conditions to improve over the next six months decreased from 16.6 percent to 15.9 percent, while those expecting business conditions to worsen increased from 11.2 percent to 12.3 percent.
Consumers’ outlook for the labor market was marginally more favorable than last month. The proportion expecting more jobs in the months ahead was virtually unchanged at 14.0 percent, while those anticipating fewer jobs decreased from 17.7 percent to 17.0 percent. The percentage of consumers expecting their incomes to increase declined from 18.2 percent to 16.6 percent; however the proportion expecting a decrease also declined, from 11.3 percent to 10.8 percent.