U.S. consumer confidence measure likely to have dropped in July

The U.S. Conference Board’s overall consumer sentiment measure had risen 1.3 points in June to 118.9, as consumers’ positive assessment of the present situation countered falling expectations for the future. Rebound in the job market was a main factor in consumers’ positive present attitude. The diminishing rise from the expectations component possibly reflects rising skepticis of major progress toward the new administration’s policy objectives, at least as soon as some had hoped, stated Wells Fargo in a research report.

The University of Michigan’s survey of consumer sentiment’s preliminary figures showed falling expectations continued in July; however, consumers were still pleased with current economy. Consumers’ expectations influence spending more than sentiment in the present situation. According to Wells Fargo, the Conference Board’s overall consumer sentiment measure is expected to have dropped in July to 117.