US DATA: July Conference Bd Consumer Confidence a better than expected
65.9 vs up-revised 62.7 in June. Expectations bounced to 79.1 vs 73.4
on a better short-term outlook; Present Situation 46.2 vs 46.6. Conf Bd
says the overall confidence level is ‘historically low’ on pessimism
about earnings, thus it is “not likely to gain any significant momentum”
ahead. Jobs Hard to Get 40.8 vs 41.2; Jobs Plentiful 7.8 vs 8.3. Buying
plans were up for autos and appliances, down for homes and vacations.
1y inflation rate seen at 5.4%, and more expect int rates and stock
prices to rise – thus no surprise that only older, richer households had
improved confidence. East and Central regions are lagging.