Consumer Confidence Rises to Two-Year High Amid Strong Jobs

Economics Group of Wells Fargo Bank, N.A. Summary Not since the outset of the pandemic has consumers’ assessment of the present situation been stronger than it is today. Meanwhile, amid broad improvement in labor market measures, overall confidence rose to its highest since July 2021, and expectations came up as well. If You Feel Better About Everything, Why the Long Face About Recession? Consumer confidence rose in July to its highest level since July 2021 (chart). Consumers have had a lot to deal with over the past few years, but their take on how things are going at the moment is as good as it has been since the initial onset of the pandemic. Expectations for the coming six months also took a big step higher, as confidence about future business conditions improved, as did the assessment of job availability. Expectations have not been so high since the start of last year (chart). One development that feels a bit out of sync with the rest of this otherwise upbeat report is that a growing share of consumers see recession on the horizon. Specifically 70.6% of consumers say a recession is “somewhat” or “very likely,” which is up from 69.9% in June. READ FULL ARTICLE >>