On Tuesday, Consumer Confidence data will be released in the US. Analysts at Wells Fargo, expect the Conference Board Consumer Confidence index to drop from 127.4 to 126.4.
Key Quotes:
“Consumer confidence rose 0.3 points in July, while June’s drop was revised lower than first reported. Consumers generally continue to remain upbeat about current economic conditions. The present situation index rose 4.2 points in July, registering a new cycle high of 165.9. However, consumers are growing slightly more concerned about future economic conditions. All of the drag came from the future expectations component in July, which, falling 2.3 points, marks the second consecutive decline and fourth drop in the past five months. The growing divide between consumers’ assessment of current economic conditions and their expectations of the future partly reflects uncertainty surrounding the ongoing trade negotiations and disputes.”
“Despite these uncertainties, we expect consumer confidence to remain elevated in August, although we anticipate the divide between present and future conditions to continue to widen as this economic cycle ages.”
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