Consumer Confidence Index® Declines -5.7 Points in July

After a large increase in June, the Conference Board’s Consumer Confidence Index® declined in July. The Index currently is at 92.6 (1985=100), down from 98.3 in June. The Present Situation Index – based on consumers’ assessment of current business and labor market conditions – improved from 86.7 to 94.2. However, the Expectations Index – based on consumers’ short-term outlook for income, business, and labor market conditions – decreased from 106.1 in June to 91.5 this month. In a prepared statement, Lynn Franco, Senior Director of Economic Indicators at The Conference Board said, “Consumer Confidence declined in July following a large gain in June. The Present Situation Index improved, but the Expectations Index retreated. Large declines were experienced in Michigan, Florida, Texas and California, no doubt a result of the resurgence of COVID-19. Looking ahead, consumers have grown less optimistic about the short-term outlook for the economy and labor market and remain subdued about their financial prospects. Such uncertainty about the short-term future does not bode well for the recovery, nor for consumer spending.”

 


FEA compiles the Wood Markets News from various 3rd party sources to provide readers with the latest news impacting forest product markets. Opinions or views expressed in these articles do not necessarily represent those of FEA.
Original Source:
Consumer Confidence Index® Declines -5.7 Points in July