Consumer Confidence Falls For Third Straight Month on Inflation and Recession WorriesJohn Carney 26 Jul 2022
Consumer confidence declined more than expected in July as Americans grew increasingly unhappy about the condition of the U.S. economy.
The Conference Board said 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.
The barometer of current conditions, which is based on views of current business and labor market conditions, declined to 141.3 from 147.2 in June. The gauge of expectations edged down from 65.8 to 65,3.
“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.”
Just 17.0 percent of consumers said business conditions were “good,” down from 19.5 percent a month ago. Twenty-four percent of consumers said business conditions were “bad,” up from 22.8 percent in June.
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