US consumer confidence holds up in July

US consumer confidence was little changed in July, according to data from the Conference Board.

The Conference Board Consumer Confidence Index nudged down to 97.3 from 97.4 in June, beating expectations for a decline to 95.7.

Meanwhile, the Present Situation Index pushed up to 118.3 from 116.6, while the expectations index edged down to 83.3 from 84.6.

“Consumer confidence held steady in July, after improving in June,” said Lynn Franco, director of economic indicators at the Conference Board.

“Consumers were slightly more positive about current business and labour market conditions, suggesting the economy will continue to expand at a moderate pace. Expectations regarding business and labour market conditions, as well as personal income prospects, declined slightly as consumers remain cautiously optimistic about growth in the near-term.”

Dennis de Jong, managing director at UFX.com, said: “July’s consumer confidence data mirrors the previous month, possibly signalling that the aftershocks sent through the global financial system post-Brexit will be weathered by Yellen and co. without too much trouble.”

Capital Economics said: “The marginal decline in the Conference Board measure of consumer confidence in July left the index still at a high level by historical standards, providing further evidence that, after what could turn out to be the biggest quarterly gain in a decade in the second quarter, consumption growth will continue at a decent pace in the third quarter.”