Consumer confidence low, but rising

Consumer confidence in the United States rose in July after five months of declines, the Conference Board said Tuesday. The index that assigns 1985 a base value of 100 rose from 62.7 to 65.9, the Conference Board said. The monthly Consumer Confidence Index is based on a survey of 5,000 households. Despite the gain, after five years of prolonged recession and sluggish recovery, consumer confidence is near "historically low levels," said Lynn Franco, director of the board's Consumer Research Center. "Consumers expressed greater optimism about short-term business and employment prospects, [however], they have grown more pessimistic about their earnings," Franco said. "Given the current economic environment -- in particular the weak labor market -- consumer confidence is not likely to gain any significant momentum in the coming months."