Financial News: U.S. Consumer Confidence Unexpectedly Deteriorates In July

U.S. Consumer Confidence Unexpectedly Deteriorates In July

(RTTNews) - Consumer confidence in the U.S. unexpectedly deteriorated in the month of July, according to a report released by the Conference Board on Tuesday.

The Conference Board said its consumer confidence index dipped to 90.8 in July from an upwardly revised 92.2 in June.

Economists had expected the consumer confidence index to rise to 92.3 from the 91.2 originally reported for the previous month.

"Consumer confidence moderated slightly in July, continuing a general downward sloping trajectory since late 2021," said Dana M Peterson, Chief Economist, The Conference Board. "Consumer appraisals of current business conditions and, to a lesser extent, perceptions of the current labor market both softened."

"Looking ahead, consumers anticipate little improvement in business conditions over the next six months, but expectations for the labor market were slightly less negative," she added. "Expectations for household incomes moderated but remained optimistic overall."

The report said the present situation index, which is based on consumers' assessment of current business and labor market conditions, fell to 114.9 in July from 118.5 in June.

Meanwhile, the expectations index, which is based on consumers' short-term outlook for income, business, and labor market conditions, remained unchanged at 74.7.

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

The consumer sentiment index for July is expected to be downwardly revised to 54.2 from a preliminary reading of 54.4, which was up from 49.5 in June.

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