A new report has shown that US consumer confidence rose slightly in July.
The Conference Board research firm said its monthly index of consumer confidence edged up to 51.9 from a revised 51 in June. The it warned against reading too much into the gain.
The figure is about half the level of a year ago, reflecting steep declines in confidence as a result of a deep housing crisis and credit squeeze. But it was better than the 50 expected by Wall Street economists.
'Consumers' assessment of current conditions was little changed, suggesting there has been no significant improvement, nor significant deterioration in, in business or labour market conditions,' said Lynn Franco, the group's research director.
She added that while consumers remained 'extremely grim' about short-term prospects, there had been a modest improvement in expectations for the longer-term.
Confidence is tracked as a gauge for consumer spending, which accounts for two-thirds of US economy activity.
Separate figures showed that prices of US single-family homes plunged at a record pace in May from a year earlier, with each of the 20 regions monitored showing annual declines for a second month, according to the Standard & Poor's/Case Shiller home price indices.
The S&P/Case Shiller composite index of 20 metropolitan areas fell 0.9% in May from April, bringing the measure down 15.8% from May 2007. The decline was slightly less than expected and not as severe on a monthly basis as in April. Seven regions showed increases on a monthly basis, providing a 'possible bright spot' for US housing that otherwise continues to weaken, S&P said.
