Consumer confidence slipped in July but Americans retained their current optimism though their view of the future dimmed as the labor market failed to improve.
The Conference Board's overall index of consumer confidence dropped to 80.3 from 82.1 in June, which had been the highest confidence reading since the end of the recession in June 2009. Economists in the Bloomberg had predicted a reading of 81.3.
The gauge of confidence in the current situation climbed to 73.6 in July from 68.7 in June, for the highest reading in over five years. The expectations component slid to 84.7 in July from 91.1 which had been the second best reading since the end of the recession. The strongest expectations score post-recession was 97.5 in February 2011.
The index of folks who said jobs were plentiful climbed to 12.20 in July from 11.30. That is the highest level since the fall of 2008 but it is below the 10 year monthly average of 14.1 and the 20 year average of 22.70. Those saying jobs were not plentiful also rose to 52.3 from 51.60. The 10 year monthly average is 52.41; the 20 year average is 50.62.
Chief Market Strategist