US consumer confidence firms in July despite recession fears

US consumer confidence improved in July, though short-term economic expectations still suggest recession concerns.

The Conference Board said today, July 29, its Consumer Confidence Index (CCI) rose to 97.2 in July, up from a revised 95.2 in June. The increase outpaced forecasts of 95.4, compared to the unrevised June reading of 93.

The Present Situation Index (PSI), measuring views on labor and business conditions, fell 1.5 points to 131.5.

The Expectations Index, reflecting outlooks for income, jobs, and business, rose 4.5 points to 74.4. However, it stayed below 80, a level typically associated with looming recession risk.