July consumer confidence inches higher

The Conference Board just released its July consumer confidence index. The index ticked up to 5.19 from a revised 51 in June. That was slightly better than the 50.1 reading that was forecast. The present situation index dipped ever so slightly to 65.3 from 65.4. The expectations index climbed to 43 from 41.4.

There isn't a heck of a lot that's interesting in the details of the report. Most indicators were up or down by small amounts. Plans to buy major appliances sank again, as did plans to buy a car, though the percentage of those who said they would buy a house in the next six months rose to 2.7 from 2.4. Consumer said they are expecting an inflation rate of 7.6% over the next year, down slightly from 7.7% a month earlier.

That said, early dollar strength has accelerated a bit on the number (Dollar Index up 49 bps at last count), while the bonds have weakened to the day's low (-18/32 on the long bond futures).