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.”
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