U.S. consumer confidence inched up to a 17-month high in July, with households’ spending plans rising even as concerns about higher inflation lingered, suggesting the economy maintained its strong growth clip early in Q3. The Conference Board said its consumer confidence index ticked up to a reading of 129.1 this month, the highest level since February 2020, from 128.9 in June. Economists polled by Reuters had forecast the index would fall to 123.9.

More households intend to buy long-lasting manufactured goods such as motor vehicles and household appliances such as refrigerators and television sets, which should help to underpin consumer spending and manufacturing. Consumers were also keen to purchase homes. Households are sitting on at least $2.5 trillion in excess savings accumulated during the pandemic. Read more.