New York City -- A Bloomberg report on Thursday said that consumer confidence stagnated last week, as the Bloomberg Consumer Comfort Index was minus 43.3 in the period to July 17, the highest since April, compared with minus 43.9 the prior week.
The monthly gauge of the economic outlook improved from a two-year low, according to the report.
“Household confidence remains historically depressed,” said Joseph Brusuelas, a senior economist at Bloomberg LP in New York. “The consumer is likely not to be a major factor in driving growth during the current business cycle compared to past cycles.”
Even with the gain, the gauge is at a level consistent with recessions, the report said.