After June's unexpected rise in consumer confidence, analysts expected The Conference Board's survey data to paint a less optimistic picture in July, but they were wrong as the headline print unexpectedly rose to 129.1 (from 128.9 and against expectations of a drop to 123.9), within a point of pre-COVID confidence levels.
Given the upward revisions for June, the shifts in July were actually marginal at best, with Present Situation rising very modestly from 159.6 to 160.3 and Expectations falling a smidge from 108.5 to 108.4.
That is the sixth straight monthly rise in confidence.
Inflation expectations dropped very modestly also from 6.7% to 6.6%...
Finally, we note that The Conference Board's jobs data suggests the situation for jobseekers has almost never been better...
Source: Bloomberg...So why do we need continued record handouts?