The Conference Board — a non-partisan, not-for-profit think tank founded in 1916 — released today (7-27-21) their Consumer Confidence Index® (CCI) for July 2021. The CCI was little changed in July, following five consecutive monthly gains. The Index now stands at 129.1 (1985=100), up slightly from June’s 128.9 reading. The Present Situation Index — based on consumers’ assessment of current business and labor market conditions — increased from 159.6 to 160.3. The Expectations Index — based on consumers’ short-term outlook for income, business, and labor market conditions — was virtually unchanged at 108.4, down from June’s 108.5 reading.
In remarks prepared for the release of this month’s CCI, Lynn Franco, Senior Director of Economic Indicators at The Conference Board said, “Consumers’ appraisal of present-day conditions held steady, suggesting economic growth in Q3 is off to a strong start. Consumers’ optimism about the short-term outlook didn’t waver, and they continued to expect that business conditions, jobs, and personal financial prospects will improve. Short-term inflation expectations eased slightly but remained elevated. Spending intentions picked up in July, with a larger percentage of consumers saying they planned to purchase homes, automobiles, and major appliances in the coming months. Thus, consumer spending should continue to support robust economic growth in the second half of 2021.”
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Consumer Confidence Relatively Unchanged in July