Economy
July 28, 2017
Consumer Confidence Beats Expectations in July
Written by Peter Wright
Consumers are feeling better about the present economic environment and their expectations for the future, according to data from The Conference Board, which conducts a monthly Consumer Confidence Survey. Consumer confidence is the driver of consumer spending, which is the largest component of GDP and ultimately drives a large portion of steel consumption.
The composite value of consumer confidence in July hit 121.1, beating economists’ consensus expectation of 116.0 points. The July figure was an improvement on the 117.3 in June. (The index is based on 1985 = 100).
