United States: Consumer confidence drops to over one-year low in July
Consumer confidence fell for a third straight month to 95.7 in July from June’s 98.4. July’s result marked the weakest sentiment since February 2021.
The fall came on the back of a deterioration in consumers’ assessments of the present economic situation. In addition, consumers’ views of their future situation deteriorated.
Lynn Franco, senior director of economic indicators at The Conference Board, said:
“As the Fed raises interest rates to rein in inflation, purchasing intentions for cars, homes, and major appliances all pulled back further in July. 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.”