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US consumer confidence rebounds sharply in July

Posted at 7:23 AM, Jul 30, 2019
and last updated 2019-07-30 10:23:42-04

WASHINGTON (AP) — American consumer confidence rebounded this month to the highest level since November after drooping in June.

The Conference Board, a business research group, said Tuesday that its consumer confidence index rose to 135.7 in July from 124.3 in June. The bounce back from last month’s drop was much stronger than economists expected.

The index measures consumers’ assessment of current economic conditions and their expectations for the next six months. Both rose substantially in July.

Consumers shrugged off trade tensions with China and a slowing U.S. economy.

Economists keep close watch on consumers’ spirits because their spending accounts for about 70% of U.S. economic activity.

Lynn Franco, senior director of economic indicators at the Conference Board, says the sustained confidence should continue to support robust spending in the near-term.