The Conference Board Consumer Confidence Index held steady in July. The index now stands at 51.9 (1985=100), up slightly from 51.0 in June.

"Looking ahead, while consumers remain extremely grim about short-term prospects, the modest improvement in expectations, often a harbinger of economic times to come, bears careful watching over the next few months," said Lynn Franco, director of The Conference Board consumer research center.

The Consumer Confidence Survey is based on a representative sample of 5,000 U.S. households.