Consumer confidence rises three points

(July 31, 2012) -- “Despite this month’s improvement in confidence, the overall Index remains at historically low levels," said Franco. "Consumers’ attitudes regarding current conditions were little changed in July, but their short-term expectations, which had declined last month, bounced back. However, while consumers expressed greater optimism about short-term business and employment prospects, they have grown more pessimistic about their earnings. 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.”