Consumer Confidence Index (CCI) for July 2023

Consumer Confidence Index® (CCI) for this month (July) was released by The Conference Board® this morning:

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Predicted: 112.0

• Actual: 117.0

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Previous Month (revised): 110.1

• Change from Previous Month: +6.27% (+6.9 points)
  

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The "predicted" figure is what economists were expecting, while the "actual" is the true or real figure.

From Today's Report:

"...The Expectations Index -- based on consumers’ short-term outlook for income, business, and labor market conditions -- improved to 88.3 (1985=100) from 80.0 in June. Importantly, Expectations climbed well above 80 -- the level that historically signals a recession within the next year. Despite rising interest rates, consumers are more upbeat, likely reflecting lower inflation and a tight labor market. Although consumers are less convinced of a recession ahead, we still anticipate one likely before year-end.

'Consumer confidence rose in July 2023 to its highest level since July 2021, reflecting pops in both current conditions and expectations,' said Dana Peterson, Chief Economist at The Conference Board. 'Headline confidence appears to have broken out of the sideways trend that prevailed for much of the last year. Greater confidence was evident across all age groups, and among both consumers earning incomes less than $50,000 and those making more than $100,000.'..."

Every month, The Conference Board sends a questionnaire to 5,000 U.S. households. Survey participants are polled about their feelings regarding the U.S. economy, current and future, and about their own fiscal circumstances. On average, 3,500 participants complete and return the 5-question survey.

• The baseline "100" score for the CCI is associated with 1985 survey data.

When consumers feel good about the economy, they tend to do more spending, and vice versa.

Based in New York City, The Conference Board is a private, not-for-profit organization with a mission to, "create and disseminate knowledge about management and the marketplace to help businesses strengthen their performance and better serve society."

The CCI is usually released on the last Tuesday of the month.

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CHART: Consumer Confidence Index (CCI)
 July 2023 Update

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• Click here to view the full Conference Board report.
    

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