Consumer sentiment perked up modestly in July as shoppers reported they felt better about their economic future, even as their appraisal of current conditions dimmed, according The Conference Board’s monthly Consumer Confidence Index.
The index rose to 59.5 from 57.6 in June. Economists were projecting a decline.
The survey has two components, The Present Situation Index, which fell to 35.7 from 36.6, and The Expectations Index, which rose to 75.4 from 71.6.
Lynn Franco, director of the group’s Consumer Research Center said the labor market continues to weigh on shoppers’ attitudes.
“Consumers remain apprehensive about the future, but some of the concern expressed last month has abated,” Franco said. In June, the Consumer Confidence Index fell to 57.6 from 61.7 in May.