The Conference Board’s Consumer Confidence Index declined to 50.4 in July (1985=100) compared with 54.3 in June, the Conference Board reported. The Present Situation Index decreased to 26.1 in July from 26.8 in June, and the Expectations Index declined to 66.6 from 72.7 last month, according to the report.
“Consumer confidence faded further in July as consumers continue to grow increasingly more pessimistic about the short-term outlook,” said Lynn Franco, director of The Conference Board Consumer Research Center. “Concerns about business conditions and the labor market are casting a dark cloud over consumers that is not likely to lift until the job market improves. Given consumers’ heightened level of anxiety, along with their pessimistic income outlook and lackluster job growth, retailers are very likely to face a challenging back-to-school season.”
Consumers' assessment of current conditions also was more pessimistic in July, with those claiming business conditions are "bad" increasing to 43.6 percent in July compared with 41 percent in June, while those claiming conditions are "good" increasing to 9 percent in July compared with 8.4 percent in June. Consumers' appraisal of the job market also was more pessimistic, according to the report.
Source: The Conference Board
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