Consumer Confidence Grows in July to Highest Level in Nearly 7 Years
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July 30, 2014

The Conference Board is reporting that consumer confidence was up in July.

The Board's Consumer Confidence Index increased in July to 90.9, up from 86.4 in June. A perfect score on the index is 100.

The Present Situation Index also increased from 86.3 to 88.3 and the Expectations Index made the biggest jump from 86.4 to 92.7, which means consumers' assessment of the current conditions and what they expect in the future is on the rise.

In a prepared statement released by the Board, Director of Economics Lynn Franco said that consumer confidence is at its highest level since October 2007." Recent improvements in consumer confidence, in particular expectations, suggest the recent strengthening in growth is likely to continue into the second half of this year," she said.

While there were increases, there were some decreases and stagnant numbers. According to the report, those claiming business conditions are good dropped slightly from 23.4 percent to 22.7 percent. Those stating that business conditions are bad remained at 22.7.

Those that claim jobs are hard to get also remained unchanged at 30.7 percent, while only 15.9 percent believe jobs are plentiful.

Neilsen performed the consumer confidence survey for The Conference Board using a probability-designed random sample. The cutoff date for preliminary results was July 17, 2014.