US Consumer Confidence Weakens in July
U.S. consumer confidence declined in July as households remained cautious about the economy and continued to express concerns about the labor market.
According to the Conference Board, its Consumer Confidence Index fell to 90.8 in July, down from an upwardly revised 92.2 in June.
Confidence Falls Below Economists’ Forecasts
The latest reading came in below market expectations. Economists surveyed by Reuters had predicted that the index would rise to 92.3 from the previously reported June figure of 91.2.
The weaker-than-expected result suggests that consumers remain uncertain about economic conditions, despite the revision to the previous month’s data.
Labor Market Concerns Remain in Focus
Dana Peterson, chief economist at the Conference Board, said written responses from consumers remained largely pessimistic in July.
She also noted that references to employment conditions and unemployment increased slightly, highlighting continued uncertainty surrounding the U.S. labor market.
