The Associated Press reports that "US 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 story says that The Conference Board's consumer confidence index rose to 117 in July from a revised 110.1 in June - higher than analysts expected and the highest since July 2021."
The AP notes that "the index measures both Americans’ assessment of current economic conditions and their outlook for the next six months. Both improved in July."
- KC's View:
These measurements can change quickly, often because of perception and sometimes because of external forces that cannot be controlled. But the case continues to be made that the expected recession may not materialize, and if it does happen, it will likely be short and shallow. All good news.