Please ensure Javascript is enabled for purposes of website accessibility

West Bank Town Becomes ‘Big Prison’ as Israel Fences It In

2 days ago

Trump Says He’s Willing to Let Migrant Farm Laborers Stay in US

2 days ago

US Electric Vehicle Tax Breaks Will Expire on Sept. 30

3 days ago

Eyeing Arctic Dominance, Trump Bill Earmarks $8.6 Billion for US Coast Guard Icebreakers

3 days ago

Trump’s Sweeping Tax-Cut and Spending Bill Wins Congressional Approval

3 days ago

Americans Celebrate Their Independence With Record-Breaking Travel Numbers

3 days ago

US Supreme Court to Decide Legality of Transgender School Sports Bans

3 days ago

Nvidia Set to Become the World’s Most Valuable Company in History

3 days ago

Poll: 41% in US ‘Extremely Proud’ to Be American, Near Historic Low

3 days ago
U.S. Consumer Confidence Jumps to a Two-Year High as Inflation Eases
By admin
Published 2 years ago on
July 25, 2023

Share

Getting your Trinity Audio player ready...

WASHINGTON — U.S. consumer confidence shot to the highest level in two years this month as inflationary pressures eased and the American economy continued to show resilience in the face of dramatically higher interest rates.

The Conference Board, a business research group, said its consumer confidence index rose to 117 in July from a revised 110.1 in June. The gauge beat the 110.5 that economists had expected and was the highest since July 2021.

The index measures both Americans’ assessment of current economic conditions and their outlook for the next six months. Both improved in July. The future expectations index rose to 88.3 in July, clearing the recession threshold of 80 recorded in June.

Economists closely monitor Americans’ spirits because consumer spending accounts for around 70% of U.S. economic activity. The Conference Board index fell more or less steadily from mid-2021 to mid-2022 as surging prices ate into household budgets.

But confidence has come back, in fits and starts, over the past year as inflation eased in the face of 10 interest-rate hikes by the Federal Reserve. Fed policymakers are expected to raise their benchmark rate again Wednesday to the highest level in 22 years.

The U.S. economy — the world’s largest — has proved surprisingly resilient in the face of sharply higher borrowing costs. Employers are adding a strong 278,000 jobs a month so far this year; and at 3.6% in June, the unemployment rate is not far off a half-century low.

Tumbling inflation and sturdy hiring have raised hopes the Fed just might pull off a so-called soft landing — slowing the economy just enough to tame inflation without tipping the United States into recession.

“Expectations for the next six months improved materially, reflecting greater confidence about future business conditions and job availability,” said Dana Peterson, the Conference Board’s chief economist. “This likely reveals consumers’ belief that labor market conditions will remain favorable.”

RELATED TOPICS:

DON'T MISS

What Are Fresno Real Estate Experts Predicting for 2025 and Beyond?

DON'T MISS

First California EV Mandates Hit Automakers This Year. Most Are Not Even Close

DON'T MISS

How Trump’s ‘Big, Beautiful Bill’ Will Make China Great Again

DON'T MISS

What’s Caitlin Clark Worth to the WNBA? A Lot More Than Her $78,066 Salary.

DON'T MISS

Trump to Sign Tax-Cut and Spending Bill in July 4 Ceremony

DON'T MISS

Madre Fire Spurs Evacuations Across 3 Counties, Grows to More Than 70,000 Acres

DON'T MISS

Clovis, Sanger, Madera, and Bass Lake Will Light the Sky With Fireworks Shows Tonight

DON'T MISS

Oil Dips Ahead of Expected OPEC+ Output Increase

DON'T MISS

613 Killed at Gaza Aid Distribution Sites, Near Humanitarian Covoys, Says UN

DON'T MISS

Fresno County Authorities Investigating Suspicious Death of Transient Man

DON'T MISS

West Bank Town Becomes ‘Big Prison’ as Israel Fences It In

DON'T MISS

Israeli Military Kills 20 in Gaza as Trump Awaits Hamas Reply to Truce Proposal

UP NEXT

Oil Dips Ahead of Expected OPEC+ Output Increase

UP NEXT

Stocks Hit Record, US Dollar Strengthens After Jobs Data

UP NEXT

Trump Administration Will Focus on Fed Chair Replacement in Fall, Bessent Says

UP NEXT

Americans Celebrate Their Independence With Record-Breaking Travel Numbers

UP NEXT

Poll: 41% in US ‘Extremely Proud’ to Be American, Near Historic Low

UP NEXT

Wall Street Edges Down After ADP Shock. Focus on Trade Talks, Payrolls Data

UP NEXT

Dollar Gains Ground Against Major Peers After Better-Than-Expected US Jobs Data

UP NEXT

Powell Reiterates Fed Will Wait for More Data Before Cutting Rates

UP NEXT

US Senate Republicans Struggling to Unite on Trump’s $3.3 Trillion Tax-Cut Bill

UP NEXT

S&P 500, Nasdaq Close at Record Highs, Cap Best Quarter in Over a Year

Trump to Sign Tax-Cut and Spending Bill in July 4 Ceremony

2 days ago

Madre Fire Spurs Evacuations Across 3 Counties, Grows to More Than 70,000 Acres

2 days ago

Clovis, Sanger, Madera, and Bass Lake Will Light the Sky With Fireworks Shows Tonight

2 days ago

Oil Dips Ahead of Expected OPEC+ Output Increase

2 days ago

613 Killed at Gaza Aid Distribution Sites, Near Humanitarian Covoys, Says UN

2 days ago

Fresno County Authorities Investigating Suspicious Death of Transient Man

2 days ago

West Bank Town Becomes ‘Big Prison’ as Israel Fences It In

2 days ago

Israeli Military Kills 20 in Gaza as Trump Awaits Hamas Reply to Truce Proposal

2 days ago

Valley Crime Stoppers’ Most Wanted Person of the Day: Rachelle Maria Blanco

2 days ago

Russia Pounds Kyiv With Largest Drone Attack, Hours After Trump-Putin Call

2 days ago

California’s Politics Drifts Right While New York’s Leans Left

This commentary was originally published by CalMatters. Sign up for their newsletters. The Democratic Party’s eight months of internal debat...

27 minutes ago

2024 Democratic National Convention
27 minutes ago

California’s Politics Drifts Right While New York’s Leans Left

Solar Farm in Riesel, Texas
1 day ago

How Trump’s ‘Big, Beautiful Bill’ Will Make China Great Again

Caitlin Clark Signs T-Shirt
1 day ago

What’s Caitlin Clark Worth to the WNBA? A Lot More Than Her $78,066 Salary.

President Donald Trump speaks during a press conference in the Roosevelt Room at the White House in Washington, D.C., U.S., May 12, 2025. (Reuters File)
2 days ago

Trump to Sign Tax-Cut and Spending Bill in July 4 Ceremony

The Madre Fire burning near New Cuyama has scorched 70,801 acres as of Friday, July 4, 2025, afternoon, making it California’s largest wildfire of the year, with only 10% containment and multiple evacuation zones in place. (CalFire)
2 days ago

Madre Fire Spurs Evacuations Across 3 Counties, Grows to More Than 70,000 Acres

2 days ago

Clovis, Sanger, Madera, and Bass Lake Will Light the Sky With Fireworks Shows Tonight

A pumpjack operates at the Vermilion Energy site in Trigueres, France, June 14, 2024. (Reuters File)
2 days ago

Oil Dips Ahead of Expected OPEC+ Output Increase

Palestinians gather to collect what remains of relief supplies from the distribution center of the U.S.-backed Gaza Humanitarian Foundation, in Rafah, in the southern Gaza Strip, June 5, 2025. (Reuters File)
2 days ago

613 Killed at Gaza Aid Distribution Sites, Near Humanitarian Covoys, Says UN

Help continue the work that gets you the news that matters most.

Search

Send this to a friend