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U.S. consumer confidence comes in higher than expected

Yahoo Finance Live anchors Julie Hyman and Brad Smith break down the U.S. consumer confidence from the confidence board coming in higher than expected at 102.3.

Video transcript

JULIE HYMAN: It's summer, baby. We got summer brain. Apparently consumers do too because consumer confidence from the Conference Board coming in higher than estimated-- 102.3 versus the 99 that economists were looking for. And guess what? There was a higher revision for April as well up to 103.7. So we saw a decline month over month but not a large one. A lot of this coming from the present situation versus expectations. Present situation-- 148.6. Those expectations-- not so hot at 71 and a half. But nonetheless, this showing a decent amount of confidence.

Now, remember, probably more so the University of Michigan confidence but also Conference Board, just measures of consumer confidence generally, one of the things that has been feeding into the Federal Reserve and their direction on rates, not just inflation itself but how consumers are feeling because it maybe has some implications for their willingness to continue to spend and therefore the ability of inflation to keep on trucking as it were. So this is definitely an interesting number and one that maybe will give even more fuel to some of those rate hike bets for the meeting in two weeks time.

BRAD SMITH: Yeah, hot dollar summer perhaps among some consumers out there. As Kevin Hart would say, you got a pocket full of ones, somebody's going to get them.