July Sees Continued Rise in US Consumer Confidence

US consumer confidence improved in July, reaching its highest level since July 2021. The Present Situation Index, based on consumers' assessment of current business and labor market conditions, improved, reflecting positive views on employment conditions. The Expectations Index, based on consumers' short-term outlook for income, business, and labor market conditions, also improved, indicating greater confidence in future business conditions and job availability. Despite rising interest rates, consumers remain upbeat, likely due to lower inflation and a tight labor market. However, there are still concerns about a potential recession before the end of the year.