US Conference Board Consumer Confidence dropped to 92.6 in July, down from 98.3, missed expectation of 94.0. Present Situation Index rose from 86.7 to 94.2. Expectations Index, however, dropped from 106.1 to 91.5.
“Consumer Confidence declined in July following a large gain in June,” said Lynn Franco, Senior Director of Economic Indicators at The Conference Board. “The Present Situation Index improved, but the Expectations Index retreated. Large declines were experienced in Michigan, Florida, Texas and California, no doubt a result of the resurgence of COVID-19.”
“Looking ahead, consumers have grown less optimistic about the short-term outlook for the economy and labor market and remain subdued about their financial prospects. Such uncertainty about the short-term future does not bode well for the recovery, nor for consumer spending.”
