The confidence of Americans in the U.S. economy rose in July to a 16-month high and returned to pre-Covid heights even though an outbreak of the delta strain of the coronavirus threatened to result in more restrictions on individuals and businesses.The closely followed index of consumer confidence edged up to 129.1 this month from a revised 128.9 in June, the Conference Board said Tuesday.
Big picture: The economy has been surging since the spring thanks to rising vaccinations, massive government financial stimulus and the almost full reopening of the economy. Businesses can’t keep up with the explosion in pentup demand among customers. Key details: Part of the survey that tracks how consumers feel about the economy right now inched up to 160.3 from 159.6 in the prior month. Most people think it’s easy to find a job and worries about inflation lessened a bit this month.