Consumer Confidence Slips From 3-year High

- Consumer Confidence for July fell to 103.2 versus estimates of 106.3 and a reading of 106.2 in June.

BOTTOM LINE: American were a little less optimistic about the current economy and the future for the next 6 months after energy prices rose near highs. Terrorism fears likely impacted sentiment, as well. However the number of consumers expecting more jobs to become available in the future rose to 15.8%, the highest since January. As well, the number of consumers who say they will buy a car in the next 6 months rose to 7.2% from 6.6%. I expect confidence to make new cycle highs over the coming months.