Consumer confidence fell more than expected in July, according to the latest data from the Conference Board…(CCI)
- M-O-M: The Consumer Confidence Index fell 2.7 points to 95.7 in June. Economists had projected a smaller drop to 97.2.
- Y-O-Y: Consumer Confidence is now 29.4 points lower than at the same time one year ago.
The larger than expected drop was thanks to a 5.9 point decline in the Present Situation Index to 141.3. the PSI measures consumers’ assessment of current business and labor market conditions
- The Expectations index, consumers’ short-term outlook for income, business, and labor market conditions, ticked down to 65.3 from 65.8 in June.
Lynn Franco, Senior Director of Economic Indicators at The Conference Board, said the expectations index is still showing recession concerns. “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.”