US consumer confidence at 22-month high

The University of Michigan announced the leading data on the Consumer Confidence Index for July, which was prepared in line with the trends of American consumers.

Accordingly, Consumer Confidence increased by 8.2 points to 72.6 in July compared to the previous month. The consumer confidence index, which exceeded the market expectations, was expected to reach 65.5 in this period. Consumer confidence index was realized as 66.4 in June.

The current economic conditions index, which measures Americans’ assessment of current financial conditions, rose 8.5 points month on month to 77.5 in July.

The consumer expectations index, which reflects the long-term projections of consumers, increased by 7.9 points to 69.4 in the same period.

Joanne Hsu, Director of Consumer Surveys, whose views were included in the statement, pointed out that the consumer confidence index has reached the highest level since September 2021.

Pointing out that all components of the index have improved significantly, Hsu said that the increase in the index can be largely attributed to the ongoing slowdown in inflation as well as the stability in the labor market.

Noting that consumers’ short-term inflation expectations, which were 3.3 percent in June, rose to 3.4 percent in July, Hsu noted that their long-term inflation expectations were 3.1 percent.