Consumer Confidence Edges Higher

New York, NY, July 29, 2008--Consumer confidence ticked up in July from a 16-year low, according to the Conference Board.

The board's confidence index rose to 51.9, higher than forecast, from a revised 51 in June.

The board's confidence index was forecast to fall to 50.1, from a previously reported 50.4 for June, according to economists. June's reading was the lowest since February 1992.

The share of people telling the Conference Board that jobs are hard to get increased to 30.3 percent from 29.7 percent in June. Those saying jobs were plentiful dropped to 13.5 percent this month from 14.1 percent.

The share of respondents expecting fewer jobs in six months increased to 37.1 percent from 35.7 percent.

 The proportion of people who expect their incomes to rise over the next six months increased to 14.2 percent from a record-low 13.1 percent in June, according to today's report.

The Conference Board's measure of present conditions decreased to 65.3 in July from 65.4 in June. A gauge of expectations for the next six months climbed to 43 from 41.4 the prior month, the report showed.