U.S. consumer confidence tumbled in July as coronavirus infections spread in many parts of the country.
FILE - In this Monday, June 29, 2020 file photo, shoppers move about in Garden State Plaza in Paramus, N.J. U.S. consumer confidence rose in June, reflecting the partial re-opening of the country but the concern is that rising coronavirus cases in many states could jeopardize future gains. The Conference Board, a New York-based research organization, said that its Consumer Confidence Index rose to 98.1 in June after virtually no change at 85.9 in May.
FILE - In this Monday, June 29, 2020 file photo, shoppers move about in Garden State Plaza in Paramus, N.J. U.S. consumer confidence rose in June, reflecting the partial re-opening of the country but the concern is that rising coronavirus cases in many states could jeopardize future gains. The Conference Board, a New York-based research organization, said that its Consumer Confidence Index rose to 98.1 in June after virtually no change at 85.9 in May.
WASHINGTON — U.S. consumer confidence tumbled in July to a reading of 92.6 as coronavirus infections spread in many parts of the country. The Conference Board, a New York-based research organization, reported Tuesday that its Consumer Confidence Index fell from a June reading of 98.3. The weakness came from a drop in the expectations index, which measures consumer views about the short-term outlook for income, business and labor market conditions.
The consumer confidence index is closely watched for signals it can send about future consumer spending, which accounts for 70% of economic activity.
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