Consumer confidence improved over the past two weeks, according to the Microsoft News-CivicScience Economic Sentiment Index (ESI), powered by Hamilton Place Strategies. Following a drop of 1.2 points toward the end of July, the ESI increased by 0.7 points to reach 53.9. The increase was driven by a 3.1-point bump in consumer confidence in the housing market, moving the indicator up to 52.9 points – its highest level since September 2016.
Three of the ESI’s five indicators increased during the reading. Consumer confidence in the housing market posted the largest bump, and economic sentiment toward making a major purchase and personal finances increased by 1.8 and 0.7 points, respectively. Meanwhile, consumer confidence in the labor market dropped by 1.5 points, and economic sentiment toward the broader U.S. economy declined by 0.5 points to 48.4.
See the full reading here.