US Consumer Confidence Index improved to 100.3 in July, up from a revised 97.8 in June. Despite this increase, the Present Situation Index, which reflects consumers' assessment of current business and labor market conditions, fell to 133.6 from 135.3.
Dana M. Peterson, Chief Economist at The Conference Board, commented, "Confidence increased in July, but not enough to break free of the narrow range that has prevailed over the past two years. Even though consumers remain relatively positive about the labor market, they still appear to be concerned about elevated prices and interest rates, and uncertainty about the future; things that may not improve until next year."
The Expectations Index, which gauges consumers' short-term outlook for income, business, and labor market conditions, rose to 78.2 from 72.8 in June but remains below the recession threshold of 80.
The market reaction to the report was muted, with the US Dollar Index showing modest gains.
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