FOREX TradingCharts.com

Financial News: U.S. Consumer Confidence Deteriorates More Than Expected I

U.S. Consumer Confidence Deteriorates More Than Expected In July

07/26/2022 - 10:43:00 (RTTNews)

(RTTNews) - A report released by the Conference Board on Tuesday showed consumer confidence in the U.S. deteriorated by more than expected in the month of July.

The Conference Board said its consumer confidence index slid to 95.7 in July from a downwardly revised 98.4 in June. Economists had expected the index to drop to 96.8 from the 98.7 originally reported for the previous month.

"Consumer confidence fell for a third consecutive month in July," said Lynn Franco, Senior Director of Economic Indicators at The Conference Board. "Concerns about inflation-rising gas and food prices, in particular-continued to weigh on consumers."

She added, "As the Fed raises interest rates to rein in inflation, purchasing intentions for cars, homes, and major appliances all pulled back further in July."

The bigger than expected decrease by the consumer confidence index came as the present situation index slumped to 141.3 in July from 147.2 in June.

The report showed a much more modest decline by the expectations index, which edged down to 65.3 in July from 65.8 in June.

"Looking ahead, inflation and additional rate hikes are likely to continue posing strong headwinds for consumer spending and economic growth over the next six months," Franco said.

On Friday, the University of Michigan is scheduled to release its revised reading on consumer sentiment in the month of July.

The consumer sentiment index for July is expected to be unrevised from the preliminary reading of 51.1, which was up from a record low 50.0 in June.

For comments and feedback: contact editorial@rttnews.com

Copyright(c) 2022 RTTNews.com. All Rights Reserved

Market News provided by RTTNews

RECENT INTERNATIONAL FINANCIAL NEWS


Norway Central Bank Hikes Policy Rate By 50 Bps, Hints At September Raise (52 min(s), 48 sec(s) ago)
(RTTNews) - The Norwegian central bank raised its benchmark interest rate further by 50 basis poin ...Full Story»

Philippine Central Bank Raises Key Interest Rate Further (58 min(s), 48 sec(s) ago)
(RTTNews) - The Philippines' central bank on Thursday raised its key interest rate again by 50 ...Full Story»

U.S. Leading Economic Index Declines For Fifth Straight Month In July (01 hr(s), 16 min(s), 48 sec(s) ago)
(RTTNews) - A report released by the Conference Board on Thursday showed a continued decrease by i ...Full Story»

U.S. Existing Home Sales Extend Nosedive To New Two-Year Low In July (01 hr(s), 30 min(s), 48 sec(s) ago)
(RTTNews) - Existing home sales in the U.S. showed another significant decrease in the month of Ju ...Full Story»

Mainland Norway Q2 GDP Expands As Expected (01 hr(s), 29 min(s), 48 sec(s) ago)
(RTTNews) - Mainland Norway's economy expanded in the second quarter after contracting in the ...Full Story»

Philly Fed Index Unexpectedly Indicates Return To Growth In August (01 hr(s), 46 min(s), 48 sec(s) ago)
(RTTNews) - After reporting contractions in Philadelphia-area manufacturing activity in the two pr ...Full Story»

U.S. Jobless Claims Unexpectedly Edge Down To 250,000 (02 hr(s), 13 min(s), 48 sec(s) ago)
(RTTNews) - A report released by the Labor Department on Thursday unexpectedly showed a modest pul ...Full Story»

Philly Fed Index Unexpectedly Returns To Positive Territory In August (03 hr(s), 18 min(s), 48 sec(s) ago)
(RTTNews) - After reporting contractions in Philadelphia-area manufacturing activity in the two pr ...Full Story»

Search

INTERNATIONAL FINANCIAL NEWS

Norway Central Bank Hikes Policy Rate By 50 Bps, Hints At September Raise

08/18/2022 - 11:09 AM (RTTNews)
(RTTNews) - The Norwegian central bank raised its benchmark interest rate further by 50 basis poin ...Full Story>>

Philippine Central Bank Raises Key Interest Rate Further

08/18/2022 - 11:03 AM (RTTNews)
(RTTNews) - The Philippines' central bank on Thursday raised its key interest rate again by 50 ...Full Story>>

U.S. Leading Economic Index Declines For Fifth Straight Month In July

08/18/2022 - 10:45 AM (RTTNews)
(RTTNews) - A report released by the Conference Board on Thursday showed a continued decrease by i ...Full Story>>

Mainland Norway Q2 GDP Expands As Expected

08/18/2022 - 10:32 AM (RTTNews)
(RTTNews) - Mainland Norway's economy expanded in the second quarter after contracting in the ...Full Story>>

U.S. Existing Home Sales Extend Nosedive To New Two-Year Low In July

08/18/2022 - 10:31 AM (RTTNews)
(RTTNews) - Existing home sales in the U.S. showed another significant decrease in the month of Ju ...Full Story>>

Do not sell my personal information

Copyright © 2022. All market data is provided by Barchart Solutions. Information is provided "as is" and solely for informational purposes, not for trading purposes or advice. To see all exchange delays and terms of use, please see disclaimer.