Consumer confidence in the US fell to its lowest level since February 2021 in July, amid negative assessments of the economy and persistently high inflation.
In particular, the Conference Board’s index moved downwards for the third consecutive month, falling to 95.7 points from a downwardly revised reading of 98.4 in June.
It is noted that in a Bloomberg survey of economists, the average estimate expected a milder drop to 97 points.
Meanwhile, the current conditions index fell to its lowest level since April 2021, to 141.3 from 147.2.
Even more ominous was the gauge of upcoming expectations, a measure of consumers’ outlook over the next six months, which fell to 65.3, the lowest since 2013.
“Concerns about inflation, particularly rising gas and food prices, continued to weigh on consumers,” said Lynn Franco, senior director of economic indicators at the Conference Board.
“Looking ahead, inflation and new interest rate hikes are likely to continue to cause strong headwinds for consumer spending and economic growth over the next six months,” she adds.
Source: Capital
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