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2025-08-01 22:57:15
[US Consumer Confidence Index Rises to Five-Month High, Stocks Rise] U.S. consumer confidence rose to a five-month high in July, as rising stock markets boosted optimism about current conditions and easing inflation expectations. According to data released by the University of Michigan, the final July consumer confidence index rose one point from the previous month to 61.7. The previously released preliminary reading was 61.8. Data released on Friday showed that consumers expect annual price increases of 3.4% over the next five to ten years, the lowest level since January. Inflation expectations for the next year were 4.5%, down from 5% in June. The survey concluded on July 28, during which time President Trump reached tariff agreements with major trading partners such as Japan and the European Union. Meanwhile, the president announced a new round of tariffs Thursday evening, raising the average U.S. tariff rate. "Increased confidence among stockholders was partially offset by a decline among those who do not own stocks," survey administrator Joanne Hsu said in a statement. Despite the overall increase in confidence, respondents' confidence in the labor market was weaker than a year ago. About 57% of respondents expected the unemployment rate to rise in the future, up from 35% a year ago. The monthly jobs report released earlier in the day showed average job growth in the three months to July was the slowest since the pandemic.
