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Bloomberg reports that the Conference Board’s monthly Consumer Confidence Index for July was unexpectedly up to 59.5, from a revised June number of 57.6 that was an eight-month low.

According to the story, “Easing fuel prices may make households more comfortable opening their wallets in the second half of the year. At the same time, Federal Reserve Chairman Ben S. Bernanke told Congress earlier this month that unemployment above 9 percent and falling home values are a concern for Americans, which may restrain any recovery in consumer spending.”

And, Bloomberg writes, “The Conference Board’s confidence report showed a measure of present conditions fell to 35.7, the weakest since February, from 36.6 in June. The measure of expectations for the next six months increased to 75.4, almost entirely retracing the previous month’s drop.”
KC's View:
Consumer confidence is up this month?

Apparently the people being questioned are not watching the news or reading the papers. Because based on the coverage of the fiscal debate in DC, I’m trying to decide between putting what little money I have under my mattress or burying it in the backyard.