Consumer Confidence Falls For Third Straight Month on Inflation and Recession Worries

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Consumer Confidence Falls For Third Straight Month on Inflation and Recession Worries
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Consumer confidence declined more than expected in July as Americans grew increasingly unhappy about the condition of the U.S. economy.

Tuesday that its index of consumer confidence dropped for a third straight month to 95.7 from a downwardly revised 98.4 reading in June. Economists surveyed by Econoday had forecast 96.8.

“Consumer confidence fell for a third consecutive month in July,” said Lynn Franco, Senior Director of Economic Indicators at The Conference Board. “The decrease was driven primarily by a decline in the Present Situation Index—a sign growth has slowed at the start of Q3. The Expectations Index held relatively steady, but remained well below a reading of 80, suggesting recession risks persist. Concerns about inflation—rising gas and food prices, in particular—continued to weigh on consumers.

Views of the labor market are better but softening. The share saying jobs are plentiful fell to 50.1 percent, down from 51.5 percent in June. The share saying jobs are hard to get rose to 12.3 percent from 11.6 percent. The outlook for the labor market six months from now is mixed. The share of consumers expecting fewer jobs fell to 21.4 percent, down from 22.2 percent. The share expecting more jobs also fell, declining to 15.7 percent from 15.9 percent.

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